Portugal is preparing to pass a law on the taxation of crypto traders

by in Cryptocurrency News

Portugal

From 2023, Portugal may introduce a tax on income from transactions with digital currencies. Its rate will be 28%.

Portugal is included in the list of states where comfortable conditions for cryptocurrency investors have been created. If the local parliament passes a bill to tax the digital currency market, then the state may face a flight of traders.

The bill states that the tax will be 28%. However, the authorities decided to increase the fiscal burden only on those investors who have purchased or held virtual currencies for less than 12 months.

The zero tax rate will remain for those traders who own coins for more than a year.

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At the moment, only those transactions with digital currencies that are concluded by financial companies and investment funds are taxed in Portugal.

A proposal was also made in Parliament to introduce a tax of 10% on such operations as, for example, the distribution of tokens.

Parliament has not yet begun to consider this bill, but now many representatives of the crypto business and experts have criticized it. According to them, if the document is adopted, then Portugal will forever lose the status of an attractive state for the blockchain industry.