Pay for activities mask – that is, “large-scale verification” of blockchain operations – is not part of financial control, and therefore should not be declared as foreign income in the framework of RW, if the online support account (wallet) is maintained on a platform operated by an Italian company. The Revenue Agency quickly returned to taxing crypto activities under Resolution 956-448/2022, breaking for the first time the orthodoxy of absorbing revenue from blockchain into foreign — an assertion that leaves us from the outset deeply bewildered by the dogma.
The new ruling, urged by the Romanian accountant (Fabio Pauselli) in addition to the latest ruling, ruling 956-771 (see “Il Sole 24 Ore” of July 6)) in which the agency defined income from betting as taxable capital income At source with withholding tax of 26 percent. After excluding the possibility of classifying this type of earnings as “different income” – according to the income for the formation of capital income, it is sufficient “the existence of any relationship through which the capital is employed” – the provision exempts the taxpayer from declaring in the income form betting, because precisely The subject of taxes / withholding at source.
However, the financial control aspect still needs clarification, i.e. literate declaration, bearing in mind that the agency has never distanced itself from the ECJ ruling C-264/14 of 22 October 2015 accommodating transactions in the virtual currencies of those “Related to currencies, banknotes and coins of issue value,” and with Circular 788/E of 2021, “the rules governing certain foreign currency transactions” also applied.
However, the case proposed by the Romanian accountant was peculiar in comparison with the standards, because the company in which the taxpayer opened the online support account (the so-called wallet) is entirely Italian, Cryptosmart Real. Hence the solution proposed to the agency by the same consultant, who sees that there are no tax control obligations because the private key associated with holding the cryptocurrency is fully available to the Italian company that operates the IT platform, and the same Istante is the holder of a credit claim claimed against an Italian company and not in lieu Of a financial and/or financial asset of a foreign nature, therefore cryptocurrencies held are not subject to tax on the value of assets held outside the country.
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