Italy Tax Agency Issues Circular on Taxation of Crypto Assets

The Italian Revenue Agency Oct. 27 issued Circular No. 30/E, on the taxation of crypto assets, including digital currency. Topics covered include: 1) the scope of taxation of crypto assets, including income tax, VAT, and stamp duty, and relevant definitions, such as “digital wallet service providers” and “electronic money tokens"; 2) an overview of adopted EU Council Directive 2023/2026 (DAC8), on automatic exchange of information (AEOI) rules concerning crypto-asset transactions; 3) the tax regime for crypto-asset holders before and after Jan. 1, 2023; 4) the 26 percent tax rate on capital gains of individuals from non-commercial crypto-asset transactions; 5) the ...