{"id":24460,"date":"2023-11-15T18:15:38","date_gmt":"2023-11-15T17:15:38","guid":{"rendered":"https:\/\/dev.andersen.dotandmedia.com\/?p=24460"},"modified":"2024-02-05T15:49:38","modified_gmt":"2024-02-05T14:49:38","slug":"commentary-on-circular-no-30-e-october-27-2023-on-the-tax-treatment-of-crypto-assets","status":"publish","type":"post","link":"https:\/\/dev.andersen.dotandmedia.com\/en\/commentary-on-circular-no-30-e-october-27-2023-on-the-tax-treatment-of-crypto-assets\/","title":{"rendered":"Commentary on Circular no. 30\/e, October 27, 2023, on the tax treatment of crypto assets"},"content":{"rendered":"<p>The <strong>Circular Letter<\/strong> of the <strong>Italian Revenue Agency<\/strong> dated October 27, 2023, <strong>No. 30\/E<\/strong>, provides operational guidelines on the tax treatment of crypto-assets in response to the provisions of Article 1, paragraphs 126-147, of the 2023 <strong>Budget Law<\/strong>.<\/p>\n<p><strong>Crypto-assets<\/strong> are defined as digital representations of value or rights that can be electronically transferred and stored using distributed ledger technology or similar technology, classified into various types such as payment <strong>tokens<\/strong>, <strong>security tokens<\/strong>, <strong>utility tokens<\/strong>, and <strong>non-fungible tokens (NFTs)<\/strong>.<\/p>\n<p>Capital gains resulting from the sale, redemption, exchange, or holding of crypto-assets may generate different incomes under <strong>Article 67, paragraph 1, letter <em>c-sexies<\/em><\/strong>, of the <strong>Income Tax Consolidation Act (Tuir)<\/strong>, with the application of a substitute tax rate of 26%. The Circular specifies that the exchange between crypto-currencies with the same economic function is not tax-relevant, while the exchange between NFTs and crypto-currency is considered tax-relevant.<\/p>\n<p>The determination of capital gains follows Article 68, paragraph 9-bis, of the Tuir, with the taxable base calculated on the difference between the consideration or fair value at the time of sale and the acquisition cost. The <strong>deduction of capital losses<\/strong> <strong>is allowed only under certain conditions<\/strong>.<\/p>\n<p>Administrated Savings and Managed Savings regimes are extended to crypto-assets holders.<\/p>\n<p><strong>Individuals<\/strong>, <strong>non-commercial entities<\/strong>, and <strong>Simple Partnerships resident in Italy<\/strong> are subject to t<strong>ax monitoring obligations<\/strong>, having to indicate in the <strong>RW Box<\/strong> of the <strong>Income Tax Return<\/strong> the crypto-assets held abroad.<\/p>\n<p>For taxpayers holding crypto-assets as of J<strong>anuary 1, 2023<\/strong>, there is the possibility to <strong>redetermine their cost<\/strong> or <strong>purchase value<\/strong> as of that date, with the cost or value subject to a substitute tax of 14%. This option is granted even if the crypto-assets are no longer held at the time of the substitute tax payment.<\/p>\n<p>Regarding <strong>indirect taxes<\/strong>, the Circular refers to <strong>international best practices<\/strong> for <strong>VAT<\/strong>. <strong>Crypto-currencies<\/strong> used exclusively as means of payment in transactions subject to VAT follow VAT rules. Some operations on crypto-currencies are exempt from VAT, such as the exchange between virtual currencies or mining.<\/p>\n<p>Stamp duty is applied to periodic communications related to crypto-assets. In case of non-application by the intermediary, a tax on the value of crypto-assets is applied.<\/p>\n<p>To determine the taxable base on which inheritance and gift tax will apply, it is necessary to refer to the fair market value at the time of <strong>succession or donation<\/strong>.<\/p>\n<p>For individuals who have not declared crypto-assets in the <strong>RW Box<\/strong> of their Income Tax Return, there is the possibility of regularization by November 30, 2023, with <strong>reduced penalties<\/strong>. Regularization is also extended to undeclared income derived from crypto-assets.<\/p>\n<p>Finally, clarifications are provided on the <strong>territoriality of crypto-assets<\/strong>, establishing criteria to consider income produced in Italy in relation to the location where access keys to crypto-assets are held.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Circular Letter of the Italian Revenue Agency dated October 27, 2023, No. 30\/E, provides operational guidelines on the tax treatment of crypto-assets in response to the provisions of Article 1, paragraphs 126-147, of the 2023 Budget Law. Crypto-assets are defined as digital representations of value or rights that can be electronically transferred and stored [&hellip;]<\/p>\n","protected":false},"author":125,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[50],"tags":[],"class_list":["post-24460","post","type-post","status-publish","format-standard","hentry","category-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commentary on Circular no. 30\/e, October 27, 2023, on the tax treatment of crypto assets - Andersen Italy<\/title>\n<meta name=\"description\" content=\"Commentary on Revenue Agency Circular No. 30\/E dated Oct. 27, 2023, clarifying some points of the Budget Law 2023\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.andersen.dotandmedia.com\/en\/commentary-on-circular-no-30-e-october-27-2023-on-the-tax-treatment-of-crypto-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commentary on Circular no. 30\/e, October 27, 2023, on the tax treatment of crypto assets - 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