Major flaw in Italy’s crypto taxation exposed

You may be getting a nice little refund.

Author

Daniel Akpobare
November 01, 2024

GM Explorer,

Today’s news is all about crypto tax!

New findings suggest that if you’re a loyal crypto taxpayer in Italy, the taxman might just owe you some cash. Meanwhile, in the U.S., Trump is proposing ZERO tax on American crypto assets.

Here’s what we got for you today:

  • 🤯 Major flaw in Italy’s crypto taxation exposed!

  • 🚫 Trump’s tax-free crypto proposal!

  • 🧱 Around The Block: Kraken launches a new desktop app for crypto traders.

🤯 Major Flaw in Italy’s Crypto Taxation Exposed!

Italy's got a little tax drama brewing in the crypto world!

A legal analysis by Coinlex, the brainchild of Stefano Capaccioli—who’s basically a wizard when it comes to digital assets—has uncovered a major hiccup in how the country taxes cryptocurrency capital gains.

Spoiler alert: investors may be in for a pleasant surprise!

According to Capaccioli’s findings, the effective tax rate on crypto gains should be just 12.5%, not the hefty 26% that’s been the norm.

That could mean a nice little refund check for thousands of investors who have been overpaying their taxes from 2023 to 2024.

Think of it as a little “thank you” from the taxman—just in time for the holiday season!😀

And in case you're wondering, this eye-opening discovery stems from an in-depth look at Italy's regulations, specifically Article 5, Section 2 of Legislative Decree 66/2014.

It seems that certain crypto-assets are eligible for the much lower tax rate, but due to some confusing software and unclear guidance from the Italian Revenue Agency, many taxpayers have been stuck paying that daunting 26%.

But don’t worry — Capaccioli isn't just watching from the sidelines; he’s urging crypto enthusiasts to take action.

He strongly advises anyone who has been stung by the higher rate to request a refund for the extra 13.5% they’ve unnecessarily paid.

And the good news? You can snag the refund form straight from the Coinlex website.

However, let’s keep it real—navigating the world of government refunds can be tricky. But if you're ready to fight for your well-deserved cash, then good luck!

Want to dive deeper into this fascinating situation? Click here for more details!

🚫 Trump’s Tax-Free Crypto Proposal!

In a bold move, former President Donald Trump has proposed eliminating taxes on American-made cryptocurrencies.

He argues that it’s “unfair” for people to face capital gains taxes each time they use crypto, like Bitcoin, to make purchases—be it coffee or a car.

His view? Bitcoin is “just like any other type of money” and shouldn’t come with extra taxes.

Instead of taxing American crypto assets, Trump suggests imposing tariffs on foreign-made tokens like Ethereum.

According to Trump, this could encourage more companies to create cryptocurrencies right here in the U.. and make American crypto assets much more attractive to investors.

Not a bad idea, right?🤔

Many people are already talking about it because it could change how we think about digital money in the United States.

But then again, let’s not forget that elections are right around the corner.

Some could argue that Trump is just saying anything and everything to get elected at this point, or he may have the best interest of the crypto community at heart.

Who knows? We’ll surely find out if he wins.🤷‍♀️

🧱 Around The Block

That's all we've got for you today.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.

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