YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

Portugal Plans to Levy Tax Up to 28% on Crypto Gain

October 11, 2022
in Blockchain
Reading Time: 3 mins read
A A
Portugal Plans to Levy Tax Up to 28% on Crypto Gain
ShareShareShareShareShare

Europe’s most crypto-friendly nation is planning to levy taxes on digital-currency gains for purchases held for less than a year.

You might also like

New Huo Tech Reports Explosive Revenue Growth Amidst Increased Losses

New Huo Tech Reports Explosive Revenue Growth Amidst Increased Losses

June 1, 2023
First Digital Group Launches New Stablecoin FDUSD to Revolutionize Global Finance

First Digital Group Launches New Stablecoin FDUSD to Revolutionize Global Finance

June 1, 2023

The move is a major policy shift as Portugal currently does not tax crypto gains other than professional or business activities. According to the plan submitted to parliament on Monday, Portugal’s proposed 2023 budget has made a provision to tax gains on crypto holdings held for less than one year at a rate of 28%.

However, the plan has stated that crypto assets held for more than 365 days will remain exempt from taxes.

Besides tax on digital-currency gains, the budget also consists of plans to issue new cryptocurrencies and mining operations as taxable income.

The draft budget still needs to be approved by parliament.

According to the budget plan, other taxes that will be introduced are a 10% tax on the free transfer of cryptocurrencies and a 4% rate on commissions charged by brokers on cryptocurrency operations.

The country has backed the new rules by supporting the crypto legislation in other European countries, including Germany. Investors in these countries do not have to pay taxes if they hold cryptocurrencies for more than a year.

“It’s a regime that fits into our tax system and also to what is being done in the rest of Europe,” Secretary of State for Tax Affairs António Mendonça Mendes said at a press conference in Lisbon.

The country has attracted a growing number of digital nomads and cryptocurrency firms in recent years due to its lack of legislation, combined with affordable living costs and mild temperatures.

According to Portugal’s National Statistics Institute, the country has witnessed a 40% rise in foreign residents over the past decade to 555,299 people in 2021.

Bloomberg reported that some of these residents also benefit from a flat 20% tax on their income or a 10% tax on their pensions, according to the country’s so-called non-habitual resident program.

The Portuguese government first announced plans to tax crypto income in May this year.

Fernando Medina, Portugal’s new finance minister, announced in the parliament in early May that crypto coins will be subject to taxation in the coming future.

Medina stated, “many countries already have systems; many countries are building their models in relation to this subject, and we will build our own”.

Image source: Shutterstock

Credit: Source link

Related Stories

New Huo Tech Reports Explosive Revenue Growth Amidst Increased Losses
Blockchain

New Huo Tech Reports Explosive Revenue Growth Amidst Increased Losses

June 1, 2023
First Digital Group Launches New Stablecoin FDUSD to Revolutionize Global Finance
Blockchain

First Digital Group Launches New Stablecoin FDUSD to Revolutionize Global Finance

June 1, 2023
Tether USD₮ Sets New Record Cementing Its Status as the Top Stablecoin for Global Financial Freedom
Blockchain

Tether USD₮ Sets New Record Cementing Its Status as the Top Stablecoin for Global Financial Freedom

June 1, 2023
Hong Kong SFC Finalizes Regulatory Framework for Virtual Asset Trading Platforms
Blockchain

Hong Kong SFC Chief Executive: New Guidelines for Crypto Trading Platforms Prioritize Investor Protection

May 31, 2023
Next Post
PolyU 1st in Hong Kong to Offer Metaverse & Blockchain Post-grad Programmes

PolyU 1st in Hong Kong to Offer Metaverse & Blockchain Post-grad Programmes

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Russia Scraps Plan for a Crypto Exchange under MOEX

Russia Scraps Plan for a Crypto Exchange under MOEX

May 30, 2023
Bitcoin Ordinals ‘could look better’ on Cardano

Bitcoin Ordinals ‘could look better’ on Cardano

May 28, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 26,892.00 0.8%
    • ethereumEthereum (ETH) $ 1,868.52 0.15%
    • tetherTether (USDT) $ 1.00 0.04%
    • bnbBNB (BNB) $ 305.41 0.14%
    • usd-coinUSD Coin (USDC) $ 0.999240 0.07%
    • xrpXRP (XRP) $ 0.509277 1.03%
    • staked-etherLido Staked Ether (STETH) $ 1,867.46 0.19%
    • cardanoCardano (ADA) $ 0.366056 2.6%
    • dogecoinDogecoin (DOGE) $ 0.071733 0.59%
    • matic-networkPolygon (MATIC) $ 0.889563 0.06%
    • solanaSolana (SOL) $ 20.57 0.53%
    • litecoinLitecoin (LTC) $ 94.35 5.47%
    • tronTRON (TRX) $ 0.074862 0.73%
    • polkadotPolkadot (DOT) $ 5.22 1.67%
    • binance-usdBinance USD (BUSD) $ 0.999705 0.13%
    • shiba-inuShiba Inu (SHIB) $ 0.000008 0.11%
    • avalanche-2Avalanche (AVAX) $ 14.11 0.29%
    • daiDai (DAI) $ 0.999984 0%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 26,927.00 0.7%
    • uniswapUniswap (UNI) $ 5.00 0.07%
    • leo-tokenLEO Token (LEO) $ 3.59 2.22%
    • chainlinkChainlink (LINK) $ 6.37 1.13%
    • cosmosCosmos Hub (ATOM) $ 10.34 1.27%
    • okbOKB (OKB) $ 45.90 0.46%
    • moneroMonero (XMR) $ 147.75 1.62%
    • the-open-networkToncoin (TON) $ 1.78 3.04%
    • ethereum-classicEthereum Classic (ETC) $ 17.82 0.56%
    • stellarStellar (XLM) $ 0.091175 1.02%
    • bitcoin-cashBitcoin Cash (BCH) $ 113.05 0.37%
    • internet-computerInternet Computer (ICP) $ 4.68 0.64%
    • true-usdTrueUSD (TUSD) $ 0.999508 0.06%
    • filecoinFilecoin (FIL) $ 4.70 0.76%
    • lido-daoLido DAO (LDO) $ 2.08 0.32%
    • aptosAptos (APT) $ 8.54 2.9%
    • quant-networkQuant (QNT) $ 114.96 1.26%
    • hedera-hashgraphHedera (HBAR) $ 0.050484 1.38%
    • crypto-com-chainCronos (CRO) $ 0.058645 1.44%
    • arbitrumArbitrum (ARB) $ 1.15 0.35%
    • vechainVeChain (VET) $ 0.019881 2.32%
    • nearNEAR Protocol (NEAR) $ 1.55 0.33%
    • the-graphThe Graph (GRT) $ 0.128679 3.33%
    • apecoinApeCoin (APE) $ 3.08 1.62%
    • algorandAlgorand (ALGO) $ 0.149120 1.25%
    • the-sandboxThe Sandbox (SAND) $ 0.564071 6.61%
    • paxos-standardPax Dollar (USDP) $ 0.999295 0.05%
    • fraxFrax (FRAX) $ 0.998295 0.09%
    • edgecoin-2Edgecoin (EDGT) $ 1.00 0.04%
    • eosEOS (EOS) $ 0.886397 0.46%
    • rocket-poolRocket Pool (RPL) $ 48.84 0.68%
    • elrond-erd-2MultiversX (EGLD) $ 36.86 0.8%