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Budget law, amnesty also for undeclared cryptocurrencies. Here’s how taxation changes

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The Budget Law also provides for a more general regulation of the sector, with changes effective from 1 January next year. A stamp duty of 2 for every thousand of the value of the amount withheld is introduced. Change the taxation of capital gains, which was previously likened to foreign currency.

in long menu of apologies which proposes a budget law also includes an amnesty for cryptocurrencies such as bitcoin. Who made a profit, but never reported it to the tax authorities (in the RW section of the tax return). can now fulfill by paying replacement tax of 3.5% to which it is necessary to add another 0.5% of the amount in the form of interest and compensation. Payment can also be made in installments. within three yearsstarting next June 30th. Very little for those who made big profits during the golden years. For example, in 2021 alone, the value of bitcoin rose from 7,340 euros to more than 40,000 with an increase of about 400%. On the other hand, those who, despite never claiming ownership of digital currencies, have not made any profit will be able to withdraw them by paying only a 0.5% penalty. Essentially, this is a voluntary disclosure that usually concerns capital illegally held abroad As well as not declared to the tax authorities which, however, in this case applies to cryptocurrencies.

The Budget Law also provides for a more general regulation of the sector, with changes effective from next year. 1st of January. Introduced stamp duty 2 per thousand from the value of the retained amount. Change the taxation of capital gains, which were previously treated as equivalent to foreign currency. During the conversion (not only from cryptocurrency to regular coins, but also between different types of digital currencies), any winnings were subject to a 26% withdrawal. However, with an additional condition, namely that for at least 5 consecutive days during the previous year, the value of the retained amount exceeded 51 thousand euros. Now the franchise is reduced to suns 2 thousand euros. The new regime is accompanied by the possibility of resorting to a replacement tax of 14%, which must be paid to revalue the value of cryptocurrencies held and calculate subsequent capital gains (starting in 2023) by reducing the amount on which the 25% levy applies. .

In theory, but this is an aspect that needs to be clarified, the collection does not apply when switching from one cryptocurrency to another bye with “the same characteristics and functions”, which leaves open spaces of interpretation, as is the case with the so-called stablecoins. In addition, industry experts are perplexed by the ways in which capital gains can be verified. The law provides that in the absence of evidence, the calculation is made from scratch. However, due to the very nature of the instrument, the conversion from currency to digital currency does not involve certification by a third party authority. To be clear, a saver who buys a thousand euros worth of bitcoins and exchanges them a year later for 1500 risks a capital gain of 1500 euros instead of 500.

Source: II Fatto Quotidiano

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