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Italy Plans to Charge 26% Levy on Cryptocurrency Trading Gains; Details here

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Tightening regulations on digital assets and expanding taxes on them Cryptocurrency tradingItaly plans to impose 26 percent A tax on digital assets For winnings of more than 2,000 euros (about $2,062), according to bloomberg Report. Italian tax authorities currently treat digital currencies and tokens as foreign currency and levy a tax accordingly, which is lower than the proposed 26 percent.

The new proposal is part of Italy’s proposed budget for 2023. According to L.A bloomberg According to the report, the bill introduced by the government of Prime Minister Georgia Meloni would also give taxpayers the option to declare the value of assets from January 1, 2023, and pay a 14 percent tax, to encourage Italians to declare their holdings of digital assets in their taxes. yields.

The proposed law, which could be amended in parliament, also includes disclosure obligations and extends the stamp duty to cryptocurrencies.

Recently, New York took the first step in the country to catch the brakes on the spread of cryptocurrency mining, under legislation signed into law by Gov. Kathy Hochul. The action came amid increased scrutiny in the cryptocurrency industry following the FTX exchange crash this month. But the New York measure, which passed the state legislature in June, is particularly concerned with the environmental aspects of cryptocurrency.

The new law sets a two-year moratorium on new, renewable air permits for fossil-fuel power plants used to mine the energy-hungry “proof-of-work” cryptocurrency — a term for the mathematical process that records and secures transactions in bitcoin and similar forms of digital money. Proof-of-work is the blockchain-based algorithm used by Bitcoin and some other cryptocurrencies.

Cryptocurrency mining requires specialized computers that consume large amounts of power. One study calculated that, as of November 2018, bitcoin’s annual electricity consumption was comparable to Hong Kong’s in 2019, according to the US Energy Information Administration.

In India, rules regarding withholding tax at source on virtual digital assets (VDAs) and cryptocurrencies are already in place. The rules make it mandatory for a VDA buyer to withhold 1 per cent of the amount paid to the seller (resident Indian) as Income Tax Deducted at Source (TDS).

Finance Minister Nirmala Sitharaman in the Union Budget 2022 also introduced the provision for source withholding tax of 1 per cent levied on payments made on the transfer of virtual assets. It also announced a 30 percent tax on virtual assets, including cryptocurrencies and non-fungible tokens, or NFTs.

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