Italy forces consumers to BitCoin: "20% Tax On All Inbound Money Transfers"

[silver71]

According to you Arab majority Azerbaidzhan is in Europe, while Ukraine and Russia are non-European nations?

All above mentioned countries, states and territories (some of which are ommited because of insufficient tax information which I haven't got at the time I was writing that text) have some form of EU, EU-related, or other superstate and international integrations related to Europe - membership, meaning that to some extent their own monetary and fiscal policy is not drafted solely by their governments sovereign right, but are also influenced by EU-goverment and Council of Europe and other bodies.

Ukraine and Russia are not part of those integrations except separate NATO alliance forums with each specific country (Ukraine and Russia respectively). Another thing is that Russia is super-continental giant not mainly in Europe, but in Asia too, and if Russia would be included in this brief TAX overview, so I would have to include approx at at least 100 other nations governments...

Positions of current ukrainian government toward their currency, taxes, future fiscal measures and bitcoin issues are also due to known issues - a shaky ground since this might change any day, and russian taxes, for most readers of this thread, which are, I presume, from Italy, would be out of the scope of this topic.

However it was not intended to offend anybody from Ukraine nor Russia (by unintentionally stipulating they are not in Europe, which they are), just that since this was Italian issue, and Italy being a EU member country, the aim was to corelate italian taxes with the rest of Europe, mostly with EU-member territories.

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[silver71]

it's not a new tax. you're already supposed to pay the tax on such money if they represent an income.

Now Italian Gov. simply suppose by default that every incoming bank transfer is taxable as income.  

They have simply switched the burden of the proof, hence the risk of paying a not due tax.

E.g. think of someone who simply forgot to prove to Italian IRS that those money were related to remittances those 20% simply won't come back.

Sure it's not a new tax, it's worse, it's something quite unusual and frightening, and if applied to small amounts of money, that will hurt common people having family abroad far more than real tax evaders who wouldn't dare to wire big sums anyway.

Some facts :

...regarding income withholding tax in Europe, and the position of new tax law in Italy, things are as follows :

LOWEST INCOME TAX IN EUROPE :

>>>>>>>>>>>>>> ITALY - max income tax - 20% <<<<<<<<<<<<<<<<<<<<

22. FRANCE - max income tax - 40% (brackets, progressive)

This isn't up to date, with the crisis these taxes have been modified in many countries (often up, sometimes down).

For France (my country) it's 45% and even 75% over 1 million euros (only for 2 years).

For Italy it's also up to 44-45% (progressive).

Thank you for your contribution, point noted. Income of BTC-related revenue, however when my taxes list was made, was not intended to look like million-euro business nor it included huge extra high income taxes, but just relate to small transactions which constitute the majority of BTC circulation.