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 will implement 28% tax on crypto in 2023

October 11, 2022
in Altcoins
Reading Time: 2 mins read
A A
Portugal will implement 28% tax on crypto in 2023
ShareShareShareShareShare

The Portuguese government will introduce a 28% tax on all earnings generated from crypto held for less than a year in its 2023 budget.

The announcement stated:

“Is intended to create a broad and adequate tax framework applicable to crypto-assets, in terms of taxation of income and property… In this way, it is intended to project the digital transition and exponentiate the 4.0 economy, as vectors of economic development and empowerment of the national labor market in terms of digital skills”

The proposal also suggested implementing a 10% tax on free crypto transactions such as airdrops and another 4% on crypto broker commissions.

Previous legal actions

In May 2022, the Finance Minister of Portugal confirmed that the country would change its crypto-friendly attitude and start taxing crypto. Portugal began looking at other countries and their attitudes toward crypto to see examples that could help the government understand what kind of crypto regulation they want to create.

The Assembly of the Portuguese Republic requested a study on how other countries have dealt with crypto taxation to gain more insights.

In the same month, lawmakers proposed a new bill on crypto taxation. However, their bill got rejected by the legislation. While the details of the bill or the reason for its decline were not disclosed, Portugal’s Secretary of State for Fiscal Issues commented on the rejection and said:

“We are evaluating by comparing internationally what is the definition of crypto assets, which includes cryptocurrencies.”

Three months after, in August, the Finance Minister’s confirmation of the upcoming crypto taxation, banks in Portugal closed certain accounts belonging to crypto exchanges.

Crypto-friendly Portugal

Up until it got a change of heart in May, Portugal was one of the most crypto-friendly countries.

The country perceived crypto as a means of payment rather than an investment tool, which resulted in the country’s zero-tax policy on crypto. In addition to its crypto-adaptive attitude, its mild climate and low cost of living also contributed to the attractiveness of Portugal.

According to estimations, the country’s foreign residents have increased by more than 40%  in the past decade, most being crypto-curious individuals.

To encourage crypto adoption in the country, The Portuguese Central Bank announced in June 2021 that it would reward the first local crypto exchanges that managed to get a license. Portugal has also seen various luxury real estate sold for cryptocurrencies like Dogecoin (DOGE) or Cardano (ADA).

Posted In: Portugal, Taxes

Get an Edge on the Crypto Market 👇

Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Credit: Source link

You might also like

Squid brings native cross-chain swaps to 25 blockchains

Squid brings native cross-chain swaps to 25 blockchains

January 31, 2023
Nearly $400M in crypto liquidations over 24 hours pushes Bitcoin above $23k

As Bitcoin rallies after FTX collapse, 25% of supply is held between $15.5k and $23k

January 31, 2023

Related Stories

Squid brings native cross-chain swaps to 25 blockchains
Altcoins

Squid brings native cross-chain swaps to 25 blockchains

January 31, 2023
Nearly $400M in crypto liquidations over 24 hours pushes Bitcoin above $23k
Altcoins

As Bitcoin rallies after FTX collapse, 25% of supply is held between $15.5k and $23k

January 31, 2023
Lighting network provider Strike expands to Philippines
Altcoins

Lighting network provider Strike expands to Philippines

January 31, 2023
Bitcoin futures open interest grows ahead of FOMC meeting
Altcoins

Bitcoin futures open interest grows ahead of FOMC meeting

January 31, 2023
Next Post
Cardano price analysis: Is it safe to buy the ADA dip?

Cardano price analysis: Is it safe to buy the ADA dip?

Leave a Reply Cancel reply

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

Recommended

Ark 21Shares Bitcoin ETF Rejected by the SEC Once Again

Ark 21Shares Bitcoin ETF Rejected by the SEC Once Again

January 27, 2023
Jelly eSports Owner Co-Founds Crypto Casino Gambulls

Jelly eSports Owner Co-Founds Crypto Casino Gambulls

January 27, 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) $ 22,995.00 1.24%
    • ethereumEthereum (ETH) $ 1,580.25 1.1%
    • tetherTether (USDT) $ 0.993242 0.64%
    • usd-coinUSD Coin (USDC) $ 0.992690 0.77%
    • bnbBNB (BNB) $ 310.26 1.47%
    • xrpXRP (XRP) $ 0.406382 3.14%
    • binance-usdBinance USD (BUSD) $ 0.997207 0.27%
    • cardanoCardano (ADA) $ 0.387195 4.21%
    • dogecoinDogecoin (DOGE) $ 0.095436 9.46%
    • matic-networkPolygon (MATIC) $ 1.10 2.2%
    • okbOKB (OKB) $ 37.29 1.17%
    • solanaSolana (SOL) $ 23.85 0.41%
    • staked-etherLido Staked Ether (STETH) $ 1,574.45 0.95%
    • polkadotPolkadot (DOT) $ 6.23 0.82%
    • shiba-inuShiba Inu (SHIB) $ 0.000012 2.39%
    • litecoinLitecoin (LTC) $ 93.16 3.04%
    • avalanche-2Avalanche (AVAX) $ 19.77 0.99%
    • tronTRON (TRX) $ 0.061850 0.51%
    • daiDai (DAI) $ 0.995251 0.49%
    • uniswapUniswap (UNI) $ 6.54 1.51%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 22,920.00 1.08%
    • cosmosCosmos Hub (ATOM) $ 13.28 1.84%
    • chainlinkChainlink (LINK) $ 6.91 0.42%
    • the-open-networkToncoin (TON) $ 2.27 0.54%
    • leo-tokenLEO Token (LEO) $ 3.52 1.75%
    • moneroMonero (XMR) $ 175.76 0.1%
    • ethereum-classicEthereum Classic (ETC) $ 21.53 1.47%
    • aptosAptos (APT) $ 16.82 1.76%
    • bitcoin-cashBitcoin Cash (BCH) $ 131.76 1.66%
    • stellarStellar (XLM) $ 0.090281 0.62%
    • apecoinApeCoin (APE) $ 5.81 0.74%
    • quant-networkQuant (QNT) $ 141.04 0.74%
    • crypto-com-chainCronos (CRO) $ 0.078872 1.92%
    • nearNEAR Protocol (NEAR) $ 2.31 1.35%
    • filecoinFilecoin (FIL) $ 5.20 2.64%
    • lido-daoLido DAO (LDO) $ 2.18 6.53%
    • algorandAlgorand (ALGO) $ 0.240567 0.7%
    • vechainVeChain (VET) $ 0.023024 0.48%
    • internet-computerInternet Computer (ICP) $ 5.86 2.39%
    • hedera-hashgraphHedera (HBAR) $ 0.064289 1.24%
    • fantomFantom (FTM) $ 0.534580 13.88%
    • decentralandDecentraland (MANA) $ 0.735602 0.28%
    • axie-infinityAxie Infinity (AXS) $ 10.76 0.51%
    • aaveAave (AAVE) $ 82.29 1.93%
    • eosEOS (EOS) $ 1.06 1.18%
    • the-sandboxThe Sandbox (SAND) $ 0.724281 0.85%
    • flowFlow (FLOW) $ 1.05 7.82%
    • elrond-erd-2MultiversX (EGLD) $ 42.76 2.19%
    • fraxFrax (FRAX) $ 0.993854 0.69%
    • terra-lunaTerra Luna Classic (LUNC) $ 0.000170 3.62%