Did you know that in #ITALIA cryptocurrency holders must declare that they own them?
You will think: "It's obvious, if I hold cryptocurrencies that allow me to live it is logical that I have to declare them to pay taxes".
And instead NO, wrong, Italy wants every holder of cryptocurrencies, whether they are hundreds of millions of euros or a few cents, to declare what they have in their wallet, exchange, or any instrument that allows the holding of cryptocurrencies, not because you actually has to pay taxes but only for the simple fact that Italy is a country of curious people and they want to know.
Failure to declare by November 30th of each year is considered for the "OMISSION" status resulting in penalties to be paid, which range from 250 euros upwards for each year of omission and increase if over time your cryptocurrencies have produced capital gains in the event you didn't even declare those.
Obviously, years will pass before the sanction arrives, because it takes some time to carry out the checks and investigations.
But Mario the worker, who bought cryptocurrencies in 2018 worth a few cents, doesn't know this, thinking he doesn't have to declare anything for small sums he is slowly accumulating fines from the state for every year he doesn't declare what he has purchased in 2018 with 15 euros.
Although the Italian budget law is clear regarding the declaration of cryptocurrencies, many cryptocurrency holders are still unclear on how and where they should be declared.
And did you know it?
Do you know where and how to declare them?
