Italy: Revenue agency seeks feedback on draft circular for taxation of crypto assets

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The Italian Revenue Agency has launched a consultation process to gather input on a draft circular that addresses the taxation of crypto assets. The draft covers the following key aspects:


  • Scope and definitions: Providing clarity on the extent of taxation for crypto assets and defining relevant terms.
  • Tax rates: Proposing a tax rate of 26% for capital gains and other income resulting from transactions involving crypto assets for individual taxpayers.
  • Substitute tax: Introducing a substitute tax of 14% for taxpayers who held crypto assets on January 1.
  • Disclosures and fines: Outlining disclosure requirements and imposing a fine of 3.5% on taxpayers who have failed to fulfil their tax monitoring obligations. The fine would be calculated based on the value of crypto assets held at the end of the year.
  • Stamp tax: Implementing a stamp tax of 0.2% per year on the value of crypto-assets.
  • European crypto-assets taxation: Providing an overview of how crypto assets are taxed in Europe, both before and after the implementation of the 2023 budget law.
  • VAT treatment: Discussing the value-added tax (VAT) treatment of crypto assets.


Interested parties are encouraged to submit their comments and feedback on the draft circular by June 30.



Source: agenziaentrate.gov.it

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