Portuguese congress rejects two bills seeking to tax crypto
|The proposals were submitted by two leftist parties. The government, which also seeks to apply taxes, hasn’t submitted a proposal so far.
Portugal's Congress, Assembleia da República, rejected on Wednesday two bills that sought to tax cryptocurrencies.
-
The bills were presented by Livre and Bloco, two left-wing parties with little representation in the Portuguese Congress, local media Sapo reported.
-
The ruling Socialist Party, which holds the majority of the legislative assembly, did not submit any bill so far, after the 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.
-
Portugal has an effective capital gains rate of zero on crypto, compared to the current capital gains tax rate for financial investment, of 28%.
-
The new policy proposed by the government would include a capital gains tax, Susana Duarte, an associated partner at Abreu Advogados law firm in Lisbon, told CoinDesk last week.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.