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    Home»News»Portuguese Government Looking to Enact Crypto Tax 
    News

    Portuguese Government Looking to Enact Crypto Tax 

    Anietie DavidBy Anietie DavidOctober 11, 2022Updated:October 11, 2022No Comments2 Mins Read
    Portuguese Government Looking to Enact Crypto Tax on Crypto Transfers 
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    Due to a new crypto tax law that the Portuguese government has proposed, Bitcoin investors may soon be liable to taxes in Portugal.

    Fernando Medina, Portugal’s finance minister, has proposed taxing capital gains on cryptocurrency investments held for less than a year in a budget draft to the parliament. Individual nationals were excluded from the country’s existing capital gains tax on bitcoin holdings made through professional or commercial activity. However, the latest budget draft proposes a 28% tax on capital gains on bitcoin assets held for under a year. Gains on cryptocurrencies held for more than a year will not be impacted.

    According to the government proposal, earnings from cryptocurrency issuing and mining will likewise be taxed as income. In May of last year, Finance Minister Fernando Medina informed the legislature that taxes will soon be levied on cryptocurrency. The draft plan is still just that, and before it can become law, it must still go through the whole parliamentary process.

    Portugal, one of the less developed nations in Western Europe, has long marketed its tax-friendly policies as a way to encourage constant inflows of cash into its economy from international investors. Portugal’s Golden Visa residence by investment program was introduced in 2012 with the goal of boosting employment and reviving domestic industry. Since that time, there are now almost 40% more foreigners living in Portugal.

    Crypto Tax Becoming a Popular Idea 

    Before becoming legislation, the idea must be accepted by the Parliament of the nation. The most recent event occurs just after Portugal’s Finance Minister, Fernando Medina, said that the nation planned to tax cryptocurrency capital gains.

    However, these proposals put forward by two political factions were eventually rejected by the Portuguese Congress.

    The taxation of cryptocurrencies has recently come under more attention. In addition to a 1% tax deducted at source (TDS) on all cryptocurrency transactions, India levies a 30% capital gains tax on the ownership and transfer of digital assets. However, as a consequence of the strict crypto rules, cryptocurrency exchanges in the nation have seen a dramatic fall in their trading volumes.

    On the other hand, South Korea has delayed until 2025 its intentions to impose a 20% tax on cryptocurrency revenues.

    Blockchain Crypto Tax Economy Portugal
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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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