Haider Jamal

May 24, 2022

Portugal Rejects Crypto Taxation

Portugals Assembleia da República recently rejected two bills which aimed to tax Bitcoin (BTC) and various other cryptocurrencies. Sapo, a local news outlet, revealed that the bills were introduced by Livre and Bloco, two left-wing parties with limited presence in the Portuguese Congress.

Portugals ruling Socialist Party, which controls the parliamentary assembly, has yet to introduce any legislation in the country despite the fact that Portuguese Finance Minister Fernando Medina made a statement not too long ago according to which crypto would reportedly be taxed in the near future.

Now though, the Portuguese Parliament ultimately rejected the idea to tax BTC and other altcoins. Lastly, in comparison to the existing capital gains tax rate of 28% on financial investments, the country has an effective capital gains rate of 0% regarding cryptocurrencies for the time being.

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