Voluntary disclosure for cryptocurrencies

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A voluntary disclosure is on the way for natural persons who have not declared cryptocurrencies in the Italian tax return.

Crypto-currencies (Bitcoin, Dodgecoin, Ethereum, etc.) are now a very widespread security on a global basis from several years thanks to the c.d. initial coin offerings and allow to conclude commercial transactions – recorded by a blockchain (or distributed ledger) which act as a database – through the use of virtual currency (e.g., bitcoin) held in a special digital or electronic “wallet” (e-wallets).

Crypto-currencies, under consensus among participants in the related transaction, can be exchanged in a peer-to-peer mode (i.e. between two devices directly, without the need for intermediaries) to purchase goods and services (as if it were normal currencies).

From 2023, individuals and companies residing in Italy which, as of 31 December 2021, have not reported the crypto-assets in Form RW of the Italian tax return can file a self declaration in order to disclose such assets.

Regularization is carried out, for those who have not earned any income, by paying a 0.50% penalty of the assets’ value which remained undeclared, in accordance with the provisions of art. 34 of the Stability Law for 2023, while subjects who have drawn income from these assets pay a fine of 3.5% of the value of these assets held at the end of each year or at the time of cash-out. 0.50% fine remains due for missed or incorrect completion of Form RW.

To recover the tax base, voluntary disclosure has therefore been introduced for natural persons who have not declared cryptocurrencies in the income model.

Studio BCZ is available to carry out an assessment of the crypto-assets held as at 31 December 2021, to draw up the declaration to be approved with a Provision from the Revenue Agency and to manage relations with the Italian tax authority.

The implementation measures and the clarification documents are clearly being prepared, in the meantime you can contact us for any question or further information on your personal status.

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