UTILITY TOKENS: THE TAX REGIME IN ITALY
The Italian Tax Authority (AE), with the ruling resolution number 14 on 28th September 2018, gave important clarifications about the tax system applicable to operations connecting to the sale of utility tokens issued following an ICO (Initial Coin Offering).
Specifically, the resolution establishes that in the sale of utility token, only the time of the assigment of the good or the provision of the services have fiscal relevance.
Furthermore, all tokens assigned to administrators and employees as compensations are considerated employment income. It follows the deduction obligation if, in the tax period, the allocation value is greater at 258,23 €.
Regarding to the token purchased by natural persons , not for a business activity, it is possible that they may generate a “different income of financial nature”.
Our staff is available for any clarification.
