Bitcoin enters the Single Model. From this year, Italian taxpayers will also have to indicate the earnings deriving from the sale and purchase of cryptocurrencies in their tax returns. This was clarified by the Revenue Agency, specifying that the framework to be used is "RW".
In response to a taxpayer's question, the Agency's Lombardy Regional Directorate announced that bitcoins must be treated like any foreign currency, even if technically they are not, as they have not been issued by any central bank.
The law establishes that the profits linked to the sale of foreign currency take on tax relevance if the average balance of deposits and current accounts in question is greater than 51.645,69 euros for at least seven consecutive working days. In the case of bitcoin, "deposits and current accounts" mean electronic wallets.
As for the exchange rate with which to calculate the average balance, it is the bitcoin-euro ratio recorded on the site where the investor purchased the electronic currency at the beginning of the reference period. The value thus calculated must be declared in the RT part of the Single PF Model and taxed with a substitute tax of 26%.
Finally, the Revenue Agency clarified that the possession of bitcoins does not generate any obligation to pay the tax on the value of financial products (IVAFE), because it cannot be assimilated to deposits and current accounts of a "banking nature".
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