Portugal rejects regulation proposal for cryptocurrencies

The Assembly of the Republic of Portugal recently rejected the proposal to apply taxes on the use and trade with cryptocurrencies.

Initially, the proposal dictated that the Government propose a “minimum threshold of 5,000 euros on cryptocurrency assets, in order to tax their capital gains.”

This proposal comes directly from the Portuguese tax body, which went through a process of analyzing the new tax framework applicable to digital assets, responding to the request of the local government.

“The Government supports a concerted position on this matter at European level. However, it determined, by order of the Secretary of State for Tax Affairs, dated 2021, that the Tax and Customs Authority must study the framework of cryptoactive instruments in light of international best practices.”

The main idea is to tax profits with commercial operations for cryptocurrencies and their profits, as long as they exceed the threshold of 5,000 euros. It was also under consideration to apply taxes such as the payment of VAT (value added) among others.

K. Tovar

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Source: Diariobitcoin