Portuguese Congress Rejects Two Bills Seeking to Tax Crypto

30.05.2022 10:48
by Maksym Prykhodko
1 min read

Portugal’s Congress, the Assembleia da República, rejected on Wednesday two bills that sought to tax cryptocurrencies.

The ruling Socialist Party, which holds the majority of the legislative assembly seats, has not submitted any taxation bill of its own so far. Portuguese Minister of Finance Fernando Medina announced last week that cryptocurrencies will be subject to taxation in the near future.

“Many countries already have systems, many countries are building their models in relation to this subject and we will build our own,” he said at the time.
Portugal has an effective capital gains rate of zero on crypto, compared to the current capital gains tax rate for financial investment, of 28%.

Author

  • Maksym has denied the existence of crypto as an asset for 3 years when he was working with standard financial instruments. Became Head of Treasury. Won the best bank employee award and left the bank for cryptocurrency exchange the next day. Got a second university degree, but that didn’t stop him from studying finance yet. Combines fiat and crypto experience to be as objective as possible in general matters. His dream is to be interviewed by Bloomberg.

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