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Italy Sets Terms For Cryptoasset Tax Amnesty


Italian authorities have outlined the process for taxpayers to utilize a tax amnesty program introduced in the country's 2023 Budget for undisclosed cryptoassets.


The tax agency has specified that this amnesty will allow taxpayers to regularize their cryptoasset holdings as of December 31, 2021.


A 3.5 percent penalty will be imposed on undisclosed amounts, with an additional 0.5 percent penalty for each tax period during which the taxpayer failed to report their cryptoasset holdings.


To avail themselves of this amnesty, taxpayers must settle their outstanding taxes and submit a newly issued form by November 30, 2023. The form is named "model for the application for regularization of crypto-assets and related income" or "modello per l'istanza di regolarizzazione delle cripto-attività e dei relativi redditi" in Italian.


Contacts

If you require assistance in relation to the above and/or would like to discuss anything further, please do not hesitate to contact info@act.london or your usual A.C.T. contact.

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