Yesterday, Assembleia da República, the Portuguese Congress rejected two separate bills that proposed a taxation framework for cryptocurrencies. At present, Portugal is one of a handful of countries that do not currently impose a cryptocurrency tax.
The bills were submitted to congress by two minority left-wing parties, Bloco de Esquerda, and Livre.
While it seems like positive news for crypto investors based in Portugal, it’s likely only a matter of time before taxation is introduced for digital assets.
Earlier this month, the ruling Socialist party declared that they were considering a capital gains tax for crypto. Portugal’s finance minister, Fernando Medina said that there should not be any “gaps that result in there being gains related to the transaction of assets that aren’t taxed.”
Other categories of financial investments are taxed at a rate of 28%.
Several countries already have systems. Several countries are building their models regarding this matter and we are going to build ours.
Fernando Medina, speaking on the taxation of cryptocurrency