jakiro
Author: taxdao
1. Introduction
Italy’s attitude towards crypto assets is generally open and cautious.In 2021, Italy opened an encrypted asset transaction. In the following yearsThe annual increase of 110%.At the same time, the Italian government also attaches great importance to the risks of the encryption industry and continuously strengthens the supervision of the risks of crypto assets. The Italian central bank will soon implement the Markets in Crypto-Assets Regulation (MICA) regulations, which aims to ensure effective supervision of the crypto asset market andProtecting cryptocurrency holders.In addition, the Italian government has also formulated a more friendly tax policy to encourage and promote the development of crypto asset -related financial industries.
2. Overview of the basic tax system in Italy
2.1 Italian tax system
The Italian tax system is mainly divided into two categories: direct tax and indirect tax.Direct tax covers personal income tax, corporate income tax, and inheritance tax; indirect tax includes VAT, real estate tax registration tax, and tariffs.According to Article 119 of the Italian Constitution, in the scope of the constitution and legal regulations of major districts, provinces, and cities (), regional tax laws can be formulated.
Italy’s tax year is the same as the calendar year. The income tax and value -added tax declaration form of the previous year must be submitted before September 30 of the year.If the declaration is not declared, a fine ranging from 250 euros to 1,000 euros (incurred without tax) or 120%to 240%of taxable taxables will be calculated by taxes.If the tax reporting form is submitted within the next year, the fine ranges from 200 euros to 500 euros (incurred without tax), or 60%to 120%of the taxable tax payable (increasing taxes).
Generally speaking, in each tax period, personal income tax and corporate income tax will be paid three times in taxation.For example, personal income tax is paid through self -assessment. On June 30 this year, 40%of the estimated income tax of the previous year must be paid.The difference between the paid estimated income tax must be paid on June 30 the following year.For taxpayers with VAT and monthly reports, taxpayers must be paid before the 16th next month.The tax authority has the right to audit the tax return on taxpayers within five years after the tax return year.
2.2 Main tax types
2.2.1 Personal income tax
According to the Italian Testo Unico Delle Imposte Sui Redditi (Tuir), Italian tax residents need to pay personal income tax for their global income, and non -residents only need to pay taxes from Italian revenue.The revenue that needs to be declared covers major categories such as employment income, self -employed occupational income, operating income, real estate income, investment income, and capital gain.The scope of duty -free entry includes death pensions, accidental income, long -term investment returns that are qualified, and profit -making disposal profit for more than five years.
Regarding the identification of residents’ taxpayers, Italy believes that individuals (whether or not it is Italian citizen) If it meets the following conditions, it is regarded as an Italian resident: most of the time within the taxation of the taxpayer of the Italian residents registered; according to the “Civil Code”,Article 43 has a residence or residence in Italy.According to Article 43 of the Civil Code, the residence refers to the place where personal habitual residence, while the residence is where the personal interest center (major interest center) is located.
When calculating personal income tax, except for maintenance, medical expenses related to the disabled, social insurance expenditure, medical insurance premiums, and charity donations, there are currently no other direct deduction projects.At present, Italy does not set a basic tax exemption amount, but taxpayers can enjoy different tax reduction discounts according to their family conditions.
Italy now has a three -level tax of the country, the region and the city, and the tax is levied according to progress.Since the annual tax of 2022, the personal income tax rate stipulated in the Italian national tax is not more than 15,000 euros of the annual income, and 23%of the personal income tax rate of personal income tax is levied;If 28001 to 55,000 euros, the tax rate is 35%; the annual income of more than 55,000 euros, the taxation rate is 43%.On the basis of the national tax, 1.23%to 3.33%of the regional surcharge and up to 0.9%of the municipal surcharge will also be levied.In addition, the variable salary (such as bonuses, stocks, options, etc.) of financial practitioners exceed the fixed annual salary, and it must pay an additional 10%additional income tax.
2.2.2 Corporate income tax
Italian corporate income taxpayers include joint -stock companies and limited partnerships (except for residents’ partnerships, they need to be assigned to partners to pay tax), limited liability companies, cooperatives (including profitable non -profit cooperatives), commercial entities and other companiesform.It is worth noting that non -residential partnerships only need to pay corporate income tax directly.
For the identification of residential enterprises, the Italian standard is that within a financial year, if the company’s registered location (that is, the place specified in the corporate articles of association), the actual management institution or the main business has more than half of the time in Italy, then the enterprise will be being being ableIt is regarded as an Italian residential enterprise.
Resident enterprises need to pay for their income tax on their income in Italy and overseas, but they have the right to choose to apply for tax exemption to the income obtained by its overseas constructors.In terms of tax rates, the corporate income tax rate has dropped from 27.5%to 24%since 2017, and after the implementation of the budget law in 2019, the tax rate has been significantly reduced to 15%again.In addition, Italian financial intermediaries (except asset management companies and brokerage companies) and the Italian central bank also need to pay an additional 3.5%income tax additional additional.
2.2.3 VAT tax
According to the Italian VAT Law, the taxpayer of VAT includes entrepreneurs, artists and professionals.Imported goods from countries (regions) outside the European Union must also pay VAT.According to the Italian Value -added Tax Law, VAT activities need to be levied by trading activities for goods and services in Italy, and goods imported from abroad.VAT uses a standard tax rate and preferential tax rate. Among them, the current standard tax rate is set to 22%, while the preferential tax rate is subdivided into three different grades: 4%, 5%and 10%.
It is worth noting that Italy about finance and related industries has tax discounts.The VAT Law stipulates the credit transactions and related businesses of banks and other credit institutions (including credit and similar guarantee transactions that include equity guarantees); banks and credit institutions’ management services for common investment funds; foreign exchange and foreign currency credit transactions; Damage insurance, life insurance and reinsurance business and intermediary services; the related businesses of stocks, bonds and other non -commodity securities are the category of service exemptional VAT, but their input value -added tax cannot be deducted.
2.2.4 Financial trading tax
The financial transaction tax stipulates that the transfer of financial transaction taxes for the transfer of shares issued by companies registered in Italy and the ownership of participating financial instruments must be levied, and the tax rate is usually 0.2%.In addition, if the main subject of the derivative tools is a stock or participating financial instrument issued by Italian companies, or in close connection with the value of these securities, the transaction of such derivatives also needs to pay financial transactions.Unless compliance with specific exemptions or exclusion clauses, the financial transaction tax will be levied in accordance with a fixed tax amount.The amount of tax will vary according to the nature and nominal value of the derivative tools.For off -site transactions, the upper limit of the tax amount is set to 200 euros.However, the tax amount can be reduced and exempted from the regulatory market or multilateral trading facilities, which can usually be reduced to one -fifth of the normal amount.It is worth noting that both parties to the transaction need to pay the tax, and the payment work is usually completed by the financial intermediary agency.This tax policy provides useful references and references for the tax management of the cryptocurrency and encryption industries, and has laid a solid foundation for the improvement of the taxation policy of crypto assets.
2.2.5 Digital trading tax
The tax stipulates that advertising for users of the interface in the digital interface; provide users with a multilateral digital interface, the user can contact other users and interact with it, which is conducive to directly providing potential products or services; user data and user data transmitted collected collection are in the collection collection.The data generated by the activity on the digital interface, the total revenue (excluding VAT and other indirect tax), does not include any costs, and is levied at a 3%tax rate.Revenue from digital services controlled by suppliers, service control entities, or digital services with the same control as suppliers, without paying digital service taxes.The tax law will help create a more fair and orderly market environment, provide strong legal support and guarantee for the future development of the Italian financial industry and the encryption industry, and promote its high -quality development.
2.2.6 Financial asset tax
Financial assets and taxation stipulates that since 2020, Italy has levied overseas financial asset tax on individual residents (also covers simple partnerships and non -commercial institutions).This tax is aimed at financial assets such as financial products, bank accounts, postal accounts and savings accounts held abroad, with a tax rate of 0.2%of its value.If these financial assets are managed by Italy’s intermediaries, they need to pay an additional stamp duty.Specifically, in accordance with Article 19 of Law No. 19 in 2011, Italian residents need to pay taxes on their overseas financial assets.The calculation of taxes is based on the market value of these assets. If the market value cannot be determined, it is based on its nominal value.For bank accounts, postal accounts and savings accounts, each account must pay a fixed 34.20 euro tax.Financial assets and taxation provides valuable guidance for the tax management of cryptocurrencies and its industries, and has a significant impact on building a more comprehensive crypto asset tax policy system.
3. Italian encryption tax policy
3.1 Overview of Italian encryption tax policy
In the 2023 budget announcement, the Italian tax department promulgated a tax regulations specifically for cryptocurrencies.The new regulations clearly define the encrypted assets as “expressed the number of value or rights that use distributed ledger technology or similar technologies in the form of electronic forms”. This definition has almost included all types of digital assets, including stablecoins, NFT, NFT, NFT, NFT, Governance of token, practical token and other types.It is worth noting that in 2023, some major changes have been ushered in the Italian budget algorithm framework. There have been new rules for capital gain tax. For the first time, the alternative tax on cryptocurrency income was introduced.New era in cryptocurrency tax management.These two types of taxes are taxes that need to be paid by encrypted assets, and there is no need to pay VAT in Italy’s encrypted assets.
3.2 cryptocurrency tax system
3.2.1 Income tax
The following is the Taxable incident that the Italian tax law considers: the sale of cryptococcling assets in exchange for the conversion between legal currencies and cryptocurrencies, the use of cryptocurrencies for consumption payment, cryptocurrencies received as a commodity or service consideration, cryptocurrencies gift gifts, as gifts, as gifts.Cryptocurrencies obtained through mining, salary paid paid in the form of cryptocurrencies, income generated by pledged cryptocurrencies, and cryptocurrencies airdrops received.In addition, the act of selling investment crypts as well as profitable profits is also a taxable category.
Capital gains/benefits must be classified as miscellaneous income.Italy’s taxation target of capital gains tax is determined to be any digital assets derived from blockchain technology, and its profit is more than 2,000 euros thresholds.The tax rate of capital gains tax is 26%uniformly. The taxable capital income is calculated based on the difference between the sales price of cryptocurrencies and the purchase price of cryptocurrencies.In addition, if the capital loss exceeds 2,000 euros, this part of the loss can be deducted from the capital income in the subsequent accounting cycle, but the deduction period must not exceed the fourth cycle.However, taxpayers must record costs or purchase value in some clear way, otherwise, the relevant costs will not be recognized and deemed to be zero -value treatment.
Whether it is transaction, mining, or pledge, as long as the specified limit is exceeded, the same taxation will be dealt with.It is worth noting that the tax obligations are only produced when encrypted assets are actually disposed of, such as selling or exchange. For unrealized capital appreciation, it is not included in the basis of real -time taxable.According to relevant regulations, the exchange between cryptocurrencies does not constitute taxable incidents.For crypto assets obtained through mining or pledge, Italy has not yet provided a special tax framework, so they may be regarded as “miscellaneous income” with other encrypted assets.
3.2.2 Replacement value tax
In order to actively encourage cryptocurrency holders to improve the transparency of cryptocrey declaration, the Italian government launched an innovative alternative tax policy in 2023.This policy aims to guide encrypted asset investors to declare their encrypted assets more by providing more preferential tax rates as incentive measures.
According to the specific provisions of the alternative value tax policy, crypto asset investors have greatly simplified taxation.They do not need to record the detailed records of the year and declare the details of each cryptocurrency. Instead, they can simply report the current valuation of their investment portfolio at the beginning of the year (that is, January 1).This change will undoubtedly reduce the burden on taxation for crypto asset investors and enable them to manage their tax affairs more conveniently.
It is worth noting that the standard tax rate stipulated in the tax policy is 14%.This tax rate is a value -added part dedicated to investors’ investment portfolios within that year, not its overall value.This means that investors only need to pay taxes on the value -added part of its investment portfolio in the year without taxing the value of the entire investment portfolio.Compared with the original policy, the tax rate under the value tax policy is significantly more favorable, creating a more relaxed and favorable tax environment for investors in encrypted assets.
In addition, the implementation of the replacement value tax policy has further enhanced the international competitiveness of Italy in the supervision of encryption assets.By providing a more flexible method of tax treatment, Italy attracted more crypto asset investors to invest, thereby promoting the prosperity and development of the country’s cryptocurrency market.In general, the launch of replacement of value tax policy is an important innovation in the Italian government in terms of encrypted asset tax treatment, bringing real benefits to encrypted asset investors.
4. Italian encryption supervision framework dynamics
The Italian central bank divides cryptocurrencies into two categories: one is stable currency, and the other is “no support” cryptocurrencies.Compared with stable coins such as USDT, Bitcoin and Ethereum are deemed to be cryptocurrencies without reserve assets.In view of the particularity of the encrypted industry, the holders of encrypted assets are easily caught in financial fraud or made the risk of unknown investment decisions, and the price fluctuations of cryptocurrencies are huge and lack of their inherent value.important.
Italy has always adhered to a prudent attitude in terms of regulatory crypto assets. In order to strengthen macro -prudential supervision, Italy has adopted a series of measures.Coordination between institutions and information communication efficiency.In order to better regulate the cryptocurrency market, the Italian government plans to be performed by the Italian Central Bank and the market regulatory agency Consob. Based on the European regulatory framework, illegal acts such as insider trading, illegal leakage insider information and market manipulation shall beA fine from $ 5.4 million) to 50 million euros (about 54 million US dollars), thereby maintaining Italy’s financial stability and ensuring market order.
Gazzetta Ufficiale Della Repubblica Italiana also released the latest anti -money laundering rules for cryptocurrency in 2022.The AML rule elaborates the registration and report requirements of the virtual asset service provider (VASP) in detail, which is basically consistent with the guidance principles of cryptocurrency companies with the FATF of the EU 5 and the Special FATF.According to these new regulations, any company hoping to provide digital asset -related services must be registered on a specific roster.It is worth noting that the Italian AML rules include a special requirement, which is not fully consistent with the EU’s VASP passport license system.
Specifically, in order to be eligible to register on the VASP special roster in Italy, all entities must comply with the relevant provisions of the 2008 Institute of Credit Contracts in the 2008 credit contract instructions.According to this clause, VASP from other EU countries must set up a permanent institution or stable organization in Italy, which is usually explained by Italian lawyers as a branch or subsidiary.In short, for those Vasp established in other EU member states, if they want to cooperate with Italian customers, they must establish a branch or subsidiary in Italy; for VASP established in the third country, it must be necessaryEstablished an Italian subsidiary.In addition to the registration requirements, these new regulations also require Vasp to report all information that meets the requirements of anti -money laundering regulations at the end of each quarter to supervise the VASP register (Organismo Agenti E Mediatori).The VASP registration office will be officially established within 90 days after the specified documents are announced.Under the dual regulatory framework of registration and report, Italy not only strengthened its supervision of the cryptocurrency market, but also provided strong support for the long -term stable development of the financial market.
5. Summary and outlook
At the level of taxation system, based on a deep understanding of the current tax framework, Italy has implemented a capital profits tax policy for cryptocarim asset disposal, and introduced a replacement value tax mechanism to reasonably reduce the tax burden on cryptocurrency traders.This series of innovation measures not only show the unremitting efforts of the Italian government in building a comprehensive and fair cryptocurrency tax system, but also reflects its determination to promote the healthy and sustainable development of the crypto industry.
At the level of regulatory system, Italy not only strengthened the supervision through fine measures, but also introduced the latest MICA regulatory regulations to ensure that the Italian encryption industry can adapt to the changing complex environment.EssenceIn the future, Italy may actively absorb the advanced experience of international cryptocurrency supervision, and will work with countries around the world to jointly promote the progress and development of the encrypted regulatory system.
We believe that in the future, Italy will continue to deepen and improve the tax legal system for encrypted assets. This step is an inevitable move to develop the Italian crypto industry.At the same time, Italy will continue to improve the regulatory system, strengthen the country’s supervision capabilities in this field, and maintain financial and market order stability.Italy is moving towards the constructing environment that is conducive to the healthy development of cryptocurrencies, which will undoubtedly add a new source of vitality to the country’s economic prosperity and sustainable development.
