Are you familiar with the fact of how bitcoin and cryptocurrencies, in general, are treated in Italy?
From January 1, 2023, the financial reports held in Bitcoin and cryptocurrencies will also be tracked and registered in the Tax Registry by the Tax authority. Not only that, all information on financial relationships held in cryptocurrencies, precious metals, financial assets, or any other measure taken as a reference for the evaluation, even of an innovative nature, will be communicated monthly.
Bitcoin and other cryptocurrencies in Italy
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Author: Kristina Dosen
Category:
Fiscal subject related
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374
Content accuracy validation date:
10.06.2022
Content accuracy validation time:
14:12h
Content
This is established by provision n.176227 of the Revenue Agency published on 23 May 2022.
The Revenue Agency has defined deadlines and terms within which financial operators must send periodic communications and broadens the information concerning the so-called payment services.
The provision of the financial administration establishes the deadline for the monthly communication, moving it to the last working day of the month, in order to align the data acquisition with the start of the processing scheduled at the beginning of the following calendar month. Also, the document specifies that Saturday is considered a non-working day. The deadline for the annual supplementary communication is also changed, which passes from February 15th to the last working day of February. The technical deadline for the so-called "consolidation" has been set at 30 April, that is, the period beyond which the values communicated for balances and transactions in the reports are confirmed. The provision also specifies the obligation to communicate financial relations of payment services by defining new analytical identification codes, to distinguish financial products based on their operation, card users and the different relevance of their respective accounting data. In this way, the accounting data should represent more expressively the spending capacity for the analysis of the risk of evasion as well as of the ISEE controls.