Fiscal monitoring has become an increasingly complex matter, particularly with the inclusion of crypto-assets within the new regulatory provisions introduced in 2024. Managing international and digital financial transactions requires a strategic approach and a thorough understanding of evolving legislation. Engaging an independent financial adviser is a fundamental step in navigating this complex landscape, avoiding errors that could result in penalties or fiscal inefficiencies. For further information, contact me
What are the new fiscal monitoring provisions introduced by the Agenzia delle Entrate in May 2024?
The Agenzia delle Entrate, through the provision of 9 May 2024, introduced new rules for the fiscal monitoring of transfers of value equal to or exceeding €5,000 to and from abroad. These provisions extend the reporting obligation to providers of virtual currency services and digital wallet services, in line with the requirements set out in the 2023 Budget Law.
Are crypto-assets subject to fiscal monitoring?
Yes, the regulation updates the implementing provisions of Article 1 of Legislative Decree 167/1990, including crypto-assets and digital transactions within the scope of fiscal monitoring. This means that every movement of crypto-currencies of a value equal to or exceeding €5,000 must be reported.
Which transactions are subject to fiscal monitoring under the new legislation?
The transactions concerned include:
- Cash
- Bank and postal cheques
- Circular cheques
- Postal orders
- Credit cards
and other instruments for the transfer of value, including those carried out electronically in accordance with Article 67 of the TUIR; virtual currencies and crypto-assets are also included.
What data must be reported in order to comply with fiscal monitoring requirements?
The reporting obligations require the provision of:
- Date of the transaction
- Purpose
- Amount
- Type of transaction
- Payment instruments used
- Information on the parties involved (natural persons, non-commercial entities, companies), including any details of foreign residence
- Information on the financial intermediaries involved and the foreign country of origin of the funds.
How is the required information transmitted to the Agenzia delle Entrate?
The information must be transmitted via the Agenzia delle Entrate’s Data Interchange System (SID). For this purpose, dedicated control software made available on the official portal must be used. The transaction purpose codes to be reported are specified in an analytical table annexed to the provision.