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Portugal rejects bill introducing crypto taxation

Portugal
Portugal

Portugal, popularly known as a crypto tax haven, proposed introducing cryptocurrency taxes. However, the country’s parliament has now declined to pass a law taxing cryptocurrencies.

Portugal’s parliament disapproves crypto taxes

The parliament of Portugal has opposed two proposals from the minority political parties to start taxing cryptocurrency assets. The proposals were tabled by two left-wing parties, Livre and Bloco de Esquerda.

A publication by the ECO economic newspaper said the bills were rejected during a 2022 budget voting session. Despite the bill being rejected, Portugal might soon fall short of its name of being a crypto tax haven. The discussion of crypto taxes has increased globally, and more countries could start taxing crypto trading activities.

At the beginning of this month, the minister of finance in Portugal had announced that the country needed to start taxing crypto activities. The official said that the government needed to develop a regulatory framework to support such taxes. The minister also said if such taxes are introduced, any regulatory gaps that need to be addressed.

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Under the proposal table by the Livre party, taxes would apply to crypto gains surpassing 5000 euros. Before the parliamentary vote was conducted, one of the legislatures under the Bloco de Esquerda party, Mariana Mortagua, said that the government was falling behind in finding a way to tax the cryptocurrency sector.

Mortagua said that “regardless of necessary future crypto regulations, our contribution to put an end to this offshore is to subject crypto assets to the same rate applicable to capital gains on equivalent income.”

Portugal’s plans to start taxing crypto

The plan to start taxing cryptocurrencies in Portugal was proposed by the country’s Finance Minister, Fernando Medina, who said that cryptocurrencies would be subject to taxation soon. Medina said that many countries had already developed systems, and they were creating models on the matter.

Medina hinted that the new policy would also involve taxes on cryptocurrency gains. Many countries have imposed a crypto gains tax, but this has left out bother popular areas in the crypto market, such as staking and yield farming.

Nevertheless, crypto taxes is now a popular topic globally. In Europe, countries have failed to develop a uniform taxation policy. While some countries are imposing strict taxation rules, some are showing leniency, and they have not shown any plans to heighten the taxation measures to attract and maintain innovative businesses.

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