January 27, 2023

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The new cryptocurrency law is now official

New encryption code

over there Budget law It was approved in a race against time also in the Senate (in the last few hours), and with it the new rules for Taxation of cryptocurrencies. From January 1, 2023, new legislation will come into force, with Articles 31-35 of the draft Which will start the new organizational process.

There are no particular changes regarding Draftbut it is useful to trace the main points, starting with the new definition of “encrypted assets“, according to the legislation, which consists of “the digital representation of value or rights that can be transferred and stored electronically, using distributed ledger technology or similar technology.”

To date, the only normative reference has been represented by single “interpretations” ofrevenue agencywhich ranked cryptocurrencies on a par with foreign currency Referring to their taxes.

the main points

Therefore, from this moment on, cryptocurrencies are at least defined as “digital assets’, and it will be taxed if the money is disbursed in cash and transferred to third parties (for example, the purchase of goods or services). On the other hand, capital gains will be rate of 26%but only when overtaking 2000 euros annually.

Moreover, what some define as “pardon“, which by paying aAn alternative tax of 3.5%allows anyone who has withdrawn money before January 1, 2021 in order, making it possible to redeem the value from January 1, 2023 by paying 4.67% per annum for 3 years.

the capital gains Subject to taxes, specifically, it is calculated as the difference between the consideration received and the purchase cost or value, while any capital losses exceeding two thousand euros can be fully deducted from the capital gains of subsequent periods, no later than the fourth.

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as for “A gift“From a crypto asset, on the other hand, the law provides for the assumption of the donor’s purchase cost. In this sense, those cases related to transfers to persons other than holders will be considered capital gains.

From a more general point of view, the budget law also undertook to define some guidelines for a settlement activities That occurred prior to its entry into force. For those who have not explained to the cryptocurrency held as of December 31, 2021 (and in the absence of cash), it will be possible position regulation By paying a fine for not declaring the reduced amount to 0.5% For each year the value of unauthorized assets. However, in the event cash is issued to be declared, areplacement tax 3.5%.

As already expected, it is also provided for in the law Revaluation of the value of crypto assets held as of January 1, 2023. Instead of the purchase cost or value, it is possible to assume the value on that date by paying an alternative tax of 14% of the income taxes, payable in 3 annual installments, with the first installment to be paid by June 30, 2023.

So it was granted “Faculty” to redefine the cost of pregnancy By paying the tax, which may be appropriate if you own many stablecoins and have few investment transfers made.

Note: stilltax fee 2 x 1000 on the value of the crypto asset.

BasicallyThose who did not declare anything will pay 0.5% on the value of cryptocurrencies held on January 1st of the respective years. In the case of unannounced cash withdrawals prior to January 1, 2021, the alternative tax will be 3.5% on the latter. All those who record book values ​​below the current value will be able to revalue the capital from January 1, 2023, paying 14% of the value of the assessed share capital (over 3 years). Finally, capital gains realized from January 1, 2022 are taxed at 26%.

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