the Tax report on Italy its configured as taxable for crypto swap events which according to the Law and fiscal advisors is not the case (In Italia, la normativa (art. 67, comma 1, lettera c-sexies, TUIR)
Is there anyway to modify that option to Non taxable when generating my report?
Here below you have the reply of an Specialist agent from Italy.
Pursuant to Article 67, paragraph 1, letter c-sexies of the TUIR, “The exchange of crypto-assets with identical characteristics and functions does not constitute a tax-relevant situation.”
The Revenue Agency subsequently issued a circular dated October 27, 2023, clarifying that to determine whether two crypto-assets have “equal characteristics and functions,” reference must be made to the MICAR regulation.
The MICAR regulation essentially distinguishes four groups:
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E-money tokens (linked to a fiat currency)
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Asset-referenced tokens (linked to other assets or baskets of assets)
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Generic cryptocurrencies (anything not included in the first categories)
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NFTs
Traditional, purely tokenized securities, which fall under the MIFID regulation, are obviously excluded.
Therefore, the exchange between two cryptoassets belonging to the same group does not generate a taxable capital gain, and the historical cost of the sold cryptocurrency is recorded as the historical cost of the acquired cryptocurrency.
Some examples (sold/acquired):
BTC-ETH Not relevant
BTC-USDT Relevant (plus/minus on historical BTC cost)
USDC-USDT Not relevant
USDC-ETH Relevant (plus/minus on historical USDC cost)
USDC-EUR Relevant (plus/minus on historical USDC cost)
USDC-PAXG Relevant (plus/minus on historical USDC cost)
PAXG-BTC Relevant (plus/minus on historical PAXG cost)
Any-NFT Relevant
Can you please Fix or give the option to make the Koinly Report adjusted to the Italian regulation?