Portugal Prepares to Tax Crypto Gains at Rate of 28%, Draft Budget Unveils
Authorities in Portugal intend to impose a levy on gains from short-term crypto investments with the state budget for next year. The document, which still needs the approval of Portuguese lawmakers, signals a change in the EU nation’s positive attitude towards crypto assets. Government of Portugal Proposes New Tax for Cryptocurrency-Related Gains In the past few years, Portugal has established itself as one of Europe’s most crypto-friendly countries, with a decision to refrain from taxing gains derived from crypto trading, unless they’re part of a business activity, playing a key....
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The cryptocurrency tax haven could see taxes levied on profits realized from cryptocurrency trading or capital gains within a year of their acquisition. Long considered a cryptocurrency tax haven, Portugal's government has proposed a 28% tax on capital gains from cryptocurrencies held for less than a year.The 2023 State Budget document published on Oct. 10 featured a short section addressing the taxation of cryptocurrencies, which to date have been untouched by the Portuguese tax authorities, given that digital assets were not recognized as legal tender.The section notes that the....
The Portuguese Minister of Finance had recently declared that cryptocurrencies in the country will soon be subject to capital gains taxes. The Portuguese congress, Assembleia da Republica, has rejected two bills that would have imposed a tax on cryptocurrencies.Portugal has long been regarded as a cryptocurrency tax haven, and the trading of cryptocurrencies has been tax-free since 2018. In addition, trading digital assets is not considered investment income in Portugal. This has attracted crypto startups and events to Lisbon, despite the fact that businesses that accept Bitcoin must pay....
Two proposals to tax crypto assets have failed to gain support from Portuguese lawmakers who are now discussing the state budget. The bids came from minority left-wing parties, while the ruling majority is yet to put forward its own draft to regulate the matter.
Portuguese Lawmakers Stop Motions to Tax Crypto Gains
Members of the Assembly of the Republic, Portugal’s legislature, have rejected two separate proposals to tax profits from crypto investments. They came from the leftist parties Bloco de Esquerda (Left Bloc) and Livre, and were turned down by the majority of the....
A pro-Crypto Chilean NGO hosted a series of conferences on cryptocurrencies and blockchain topics for educational purposes, named Cryptonight 2020, where they announced the preparation of a proposal to submit it in the context of the drafting of a new constitution and the release of a crypto blacklist. Chilean NGO to Submit a Proposal for Including Crypto-Related Matters in the Drafting of a New Constitution Miguel Klagges, founder and president of ONG Bitcoin Chile, published a list of alleged crypto scams that have a background of stealing funds from investors, who are promised to get....
Portugal, one of the countries considered a crypto tax haven due to its absence of crypto-related taxation, is preparing to change this policy. Fernando Medina, minister of finance of Portugal, stated that the country is working on a framework to allow the taxation of cryptocurrency income gains following the principles of “justice” and “efficiency,” and declared that there cannot be gaps for any income gains to be obtained without taxation.
Portugal to Tighten Cryptocurrency Taxation Policy
Portugal, one of the countries that has been touted as a....