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New tax rules on cryptocurrency: clarifications and instructions by the Revenue Agency

The Italian Revenue Agency provides clarifications on the new tax rules for managing cryptocurrency.

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Through Resolution n. 10/E of February 6th 2024, the Italian Revenue Agency has established the new duty codes for advance payments of the substitute tax of stamp duty on crypto-currency, introduced by the 2023 Budget Law.

It should be noted that, starting from January 1st 2023, in absence of an intermediary applying a stamp duty, the tax on the value of the cryptocurrency held must be paid by all subjects resident in the territory of the State.

As pointed out by Circular n. 30/E of June 26th 2023, unlike IVAFE tax, the tax on the value of cryptocurrency is due not only by resident subjects who are obliged to submit the RW form (natural persons, simple partnerships and assimilated associations, non-commercial entities), but also by limited companies and non-commercial entities (to the maximum amount of €14,000).

Crypto-assets: advance payments of the stamp duty substitute tax

The duty codes “1728” and “1729” have been created to allow the payment respectively of the first and the second advance payment of this tax, through F24 form.

Moreover, the duty code “1727”, previously established through Resolution n. 36 of June 26th 2023, has been renamed and used for the balance payment of substitute tax.

Clarifications on the tax regime of crypto-assets

In the context of the videoconference held on February 1st 2024, the Revenue Agency has provided clarifications on the procedures and responsibilities of business operators, in light of the current regulations.

Regarding the ways to determine capital gains, it is highlighted that, both under the declaratory and the administered schemes, capital gains correspond to the difference between the consideration received and the purchase price of the crypto-assets, as established by paragraph 9-bis of art. 68 of TUIR.

Thus, the value of crypto-assets indicated in the regularisation model is not relevant.

In addition, the Agency underlines the importance of documenting accurately and precisely the acquisition cost of the crypto-currency. The Agency also recalls that, in absence of adequate documentation, the cost is considered equal to zero.

During the same conference, the Agency provided details regarding the submission of the RW form. Taxpayers will be able to fill in a row for each “wallet” or “digital account” or other storage system held by the taxpayer. However, they will still have to set up and store a prospect, specifying the value of each asset.

Moreover, if possible, taxpayers may still fill in a row of the RW form for each cryptoasset.

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Regulatory Framework

Circular n. 30/2023

Reference (Italian only)

Resolution n. 10/2024

Reference (Italian only)

Resolution n. 36/2023

Reference (Italian only)

Art. 19 Decree-Law of 06/12/2011 n. 201

Reference (Italian only)

Art. 68 of TUIR

Reference (Italian only)

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