Portugal Prepares to Tax Crypto Gains at Rate of 28%, Draft Budget Unveils
Authorities in Portugal intend to impose a levy on gains from short-term crypto investments with the state budget for next year. The document, which still needs the approval of Portuguese lawmakers, signals a change in the EU nation’s positive attitude towards crypto assets. Government of Portugal Proposes New Tax for Cryptocurrency-Related Gains In the past few years, Portugal has established itself as one of Europe’s most crypto-friendly countries, with a decision to refrain from taxing gains derived from crypto trading, unless they’re part of a business activity, playing a key role. It attracted many crypto enthusiasts. However, that’s likely to change in the near future if the parliament adopts the budget the government is proposing for 2023. The draft Features a provision allowing authorities to tax gains on crypto holdings held for less than a year at a rate of 28%, Bloomberg reported quoting the document. Portuguese lawmakers rejected similar propo...