Both the request form and instructions are ready for regularising crypto-assets owned and/or related income realised by 31 December 2021. This thanks to a Revenue Agency Act that has approved the application form and sets out the timetable and rules for accessing the procedure provided for by the last Budget Law (no. 197/2022). The application must be sent by 30 November 2023 after paying the penalty for the violation of tax monitoring obligations (RW panel) and/or the tax on any undisclosed income originated by crypto-assets. The procedure is open to taxpayers who are individuals, non-commercial entities and simple partnerships resident in Italy. The Revenue Act also approves an outline of the accompanying report to attach to the application.
Interested parties - Individuals, non-commercial entities and simple and equivalent partnership companies (within the meaning of Article 5 of Presidential Decree No. 917/1986) resident in Italy who, by 31 December 2021, possessed crypto-assets in violation of tax monitoring obligations and/or omitted to indicate the relevant income derived by their possession within tax returns, are eligible for regularisation.
Timelines and instructions - The application must be sent, exclusively via pec, by 30 November, to the Regional Directorate of the Revenue Agency competent according to the tax domicile of the taxpayer in the last tax year affected by the procedure. The application must be accompanied by the receipt of the F24 payment, to be made in a lump sum, and the ad hoc report with the useful documentation to probe the origin of the sums invested, such as the bank accounts relating to the purchase of the crypto-assets and any other document through which the traceability of the crypto-assets to the applicant can be deduced. Furthermore, to remedy the failure to comply taxpayers must pay a penalty for the breach of tax monitoring obligations equal to 0.5 per cent of the value of the undeclared cryptocurrencies for each year and/or a substitute tax equal to 3.5 per cent of the value of the crypto-assets, including cryptocurrencies, whose income were omitted.