From 2019 (tax period 2018) the instructions for completing part RW provide for the obligation to also indicate virtual currencies, without the need to report the foreign state of detention. The Lazio TAR expressed itself in similar terms, with sentence 1077/2020. The Revenue also stated that VAT is not due.
With the ruling, the response to the non-public ruling 956-39 / 2018, to the Lombardy Regional Directorate clarified that: “Pursuant to Article 4 of Law Decree no. 167 of 1990, moreover, there is an obligation to fill in part RW of the Income Model
– Individuals, by natural persons residing in the territory of the State who, during the tax period, hold investments abroad and foreign assets financial nature capable of producing taxable income in Italy, including foreign currencies.
As clarified by the circular of 23 December 2013, n. 38 / E (paragraph 1.3.1.) The foreign financial assets held in Italy outside the circuit of resident intermediaries are also subject to the same obligation.
Since the general principles governing transactions involving traditional currencies as well as the provisions on anti-money laundering are applicable to virtual currencies, it is believed that virtual currencies must also be communicated through the aforementioned RW framework ………. in euros of the virtual currency held at
31 December of the reference period must be determined at the exchange rate indicated on that date on the site where the taxpayer purchased the virtual currency.In subsequent years, the taxpayer must indicate the value held at the end of each year or at the date of sale in the case of virtual currency sold during the year.
Lastly, it should be noted that virtual currencies are not subject to tax on the value of financial products, current accounts and savings books held abroad by natural persons residing in the territory of the State
(so-called IVAFE, established by article 19 of the decree law of 6 December 2011, n. 201, converted, with amendments, by the law of 22 December 2011, n. 214, and subsequent amendments), as this tax applies to deposits and current accounts exclusively of a “banking” nature (cf. circular dated 2 July 2012, no. 28 / E).
Following resolution no. 72 / E / 2016, the administration confirms, in compliance with circular no. 38 / E / 2013 on, that virtual currencies also fall under the reporting obligation in Part RW.
The Revenue Agency (Dre Liguria) with the response to question no. 903-47 / 2018 reiterated that the holding of cryptocurrencies and tokens outside the business activity, including those deriving from participation in Ico (Initial coin offering) generated by a so-called “crowdsale”, must always be monitored in the RW framework .