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A few days before the end of the year, on December 29, 2022, the Italian Senate approved the 2023 budget. This included raising taxes on cryptocurrency investors. This will cost 2,000 euros (approximately $2,13 at time of publication).
Approved law defines crypto assets as “digital representations of value or rights that can be transferred and stored electronically using distributed ledger technology or similar technology.” Previously, crypto assets were treated as foreign currency in the country and had low taxes.
As reported by Cointelegraph, the bill also provides taxpayers with the option to declare the value of digital assets they own as of January 1 and pay a 14% tax. This is an incentive aimed at encouraging Italians to declare their digital assets.
Other changes introduced by the Budget Act include tax amnesties to reduce penalties for unpaid taxes, financial incentives for job creation, and a lower retirement age. Also included is his €21 billion ($22.4 billion) tax cut for businesses and households dealing with the energy crisis.
RELATED: MiCA bill contains clear warnings for crypto influencers
Giorgia Meloni, Italy’s first female prime minister, has won widespread legislative support despite promising dramatic tax cuts when she was elected in September.
According to local media reports, the Italian government has taken steps to cut gas consumption across the country, including not using central heating in buildings for more than 15 days, with residents turning their heating down by 1 degree and paying 1 per day. I’ve been asked to turn it off for more than an hour. winter.
Italian law has received approval of the Markets in Crypto Assets (MiCA) bill of 10 October, establishing a coherent regulatory framework for cryptocurrencies in the 27 member states of the European Union. MiCA is expected to enter into force in 2024.
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