The reporting obligations relating to cryptocurrencies were the subject of a ruling response from the tax agency on November 24, 2021.
The agency has clarified that cryptocurrencies, in the presence of particular conditions, must be declared in line RW of the annual tax return (the essential ones relating to foreign stocks subject to monitoring obligation) even if they do not discount the payment of income tax. foreign financial institutions (so-called IVAFE).
VAT is not applied as the reference income of the cryptocurrency, if received by a natural person outside the exercise of a business activity, is subject to substitute tax pursuant to Article 5 of Legislative Decree no. . 461 of 1997, to the extent of 26 per cent.
Therefore, natural persons, non-commercial entities and simple and equivalent companies resident in Italy which, during the tax period, hold investments abroad or foreign financial activities, capable of producing taxable income in Italy, must indicate them in the return. annual income in part RW of the Income Model – Individuals.
As for the so-called wallets, the agency reminds that Pursuant to Article 67, paragraph 1, letter c-ter), of the Consolidated Tax Act
on income approved with Presidential Decree 22 December 1986, n. 917 (Tuir) constitute different income of a financial nature “the capital gains, other than those referred to in letters c) and c-bis), realized through the sale for consideration or reimbursement of securities not representative of goods, mass certificates, foreign currencies, subject to term transfer or deriving from deposits or current accounts, of precious metals, provided they are in their raw or monetary state, and of shares in collective investment schemes. For the purposes of applying this letter, the withdrawal of foreign currencies from the deposit or current account is also considered to be a transfer for consideration “.
Pursuant to paragraph 1-ter) of the same article 67 “The capital gains deriving from the sale for consideration of foreign currencies deriving from deposits and current accounts contribute to form the income provided that during the tax period the deposits and current accounts overall entertained by the taxpayer, calculated according to the exchange rate in force at the beginning of the reference period is greater than one hundred million lire (Ed. 51,645.69 euros) for at least seven continuous working days “.
Consequently, forward sales of virtual currencies are always fiscally relevant, while spot sales generally do not give rise to taxable income as they lack the speculative purpose, except for the hypothesis in which the currency sold derives from withdrawals from electronic wallets (wallets), for which the average stock exceeds a value of 51,645.69 euros for at least seven continuous working days in the tax period, pursuant to the combined provisions of articles 67, paragraph 1, letter c-ter), and paragraph 1-ter. For the purposes of this latter provision, withdrawal from wallets is equivalent to a transfer for consideration.