Source: Portugal Looking to Tax Short-Term Crypto Gains From Next Year: Report (cryptopotato.com)
Crypto investors may soon be subject to taxation in Portugal, as the government has proposed a new tax policy for cryptocurrency.
Portugal’s policy shift from no crypto taxes to one where levies are charged on cryptocurrencies is set to enter another chapter as policymakers eye short-term crypto asset owners.
The government is planning another form of cryptocurrency taxation that will broaden its existing crypto tax policies.
Portugal to Tax Short-Term Crypto Gains at 28%
According to Bloomberg , Portugal’s government is moving forward with plans to tax profits on crypto held by residents for less than a year. This is part of the proposals listed in the country’s budget for 2023. The move will see a 28% levy being imposed on gains earned from crypto held for less than 12 months.
This proposed law will mark a major policy shift for Portugal in terms of crypto taxation. Previously, the country only levied taxes on digital assets earned from professional or business sources. Holding crypto for any length of time did not constitute a taxable event.
Now, anyone who makes a profit on selling crypto that was held for less than a year will be liable to pay taxes. Crypto assets held for longer than a year are still, however, exempted from any tax burden.
Crypto investors may soon be subject to taxation in Portugal, as the government has proposed a new tax policy for cryptocurrency.
Portugal’s policy shift from no crypto taxes to one where levies are charged on cryptocurrencies is set to enter another chapter as policymakers eye short-term crypto asset owners.
The government is planning another form of cryptocurrency taxation that will broaden its existing crypto tax policies.
Portugal to Tax Short-Term Crypto Gains at 28%
According to Bloomberg , Portugal’s government is moving forward with plans to tax profits on crypto held by residents for less than a year. This is part of the proposals listed in the country’s budget for 2023. The move will see a 28% levy being imposed on gains earned from crypto held for less than 12 months.
This proposed law will mark a major policy shift for Portugal in terms of crypto taxation. Previously, the country only levied taxes on digital assets earned from professional or business sources. Holding crypto for any length of time did not constitute a taxable event.
Now, anyone who makes a profit on selling crypto that was held for less than a year will be liable to pay taxes. Crypto assets held for longer than a year are still, however, exempted from any tax burden.