Portugal Makes U-Turn On Crypto-Friendly Taxes
Source: AdobeStock / chalermphon Though widely considered to be one of the most crypto-friendly countries, Portugal is increasingly shifting its position on taxing cryptoasset gains – and now plans to tax gains on crypto held for less than a year. According to Bloomberg, Portugal argues that the new rules are in line with other European countries’ crypto legislation, including Germany, where investors pay no taxes if they hold crypto for more than a year. Secretary of State for Tax Affairs António Mendonça Mendes was quoted as saying at a press conference in Lisbon that, “It’s a regime that fits into our tax system and also to what is being done in the rest of Europe.” While at the moment the country doesn’t tax crypto gains if they’re not coming from professional or business activities, a provision in the proposed 2023 budget seeks the taxation of gains on crypto holdings that are held for less than 365 ...