The Italy tax bureau announced bitcoin Tax Guide
Recently, the Italy tax bureau (AgenziadelleEntrate) released a report entitled “and digital currency bitcoin transactions: a new file to clarify the tax treatment of the document on the value-added tax if applied to digital currency transactions.
The file specified:
“The use of virtual currency for traditional monetary intermediary activities of market participants will be exempt from value-added tax, because they involve notes and coins trading.”
In Italy, a lot of the time you can use bitcoin payment, including the The Racquet Club Hotel in the play, buy paintings, hotel, buy breakfast, a lawyer, you can buy a lot of things you need to use bitcoin, especially in tourism and computer field.
Individual bitcoin users
The file according to different users (individuals and companies) made different rules. According to the latest guidelines of the European Court, document resolutions explicitly pointed out that, for individual users, besides holding business bitcoin belong to spot trading, because of the lack of speculative purposes, the income is not taxed.
A business consultant and consultant AntonelloGaviraghi explained to CoinTelegraph:
“On the personal income, the provisions of the resolution they have speculative purposes, therefore is not required to pay. However, this explanation also applies to the seizure of small bitcoin activities. In the personal accounts of foreign currency more than 51.64569 euros, and the time for at least 7 days, will constitute a tax condition.”
The company holds bitcoin
Compared to the individual, provisions of the tax agency’s resolution, intermediaries in bitcoin transactions in the income tax, need to IRAS and IRAP.
Gaviraghi explained that this resolution is a disadvantage for businesses, because the company should pay tax on unrealized capital gains or losses.
He pointed out that:
“Any unrealized capital gains or losses, the tax will be at the end of this year, the coins of the company, is a bad news, because they need to pay tax on unrealized profit, but this is only the estimated.