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30 Nov 09:04

Portugal takes a U-turn on crypto taxation

by Web Tech Mantra

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The US may be tough on cryptocurrencies, but the Portuguese Tax and Customs Authority (PTA) just announced that buying or selling cryptocurrencies will not be taxed in Portugal. Read on if you want to learn more about Portugal’s crypto tax. If you also want to know how to invest or trade in cryptos then check this official website

On the other hand, the Portuguese government made it clear that there would be no taxes on capital gains or increases in value when buying or selling cryptocurrencies (VAT). In 2016, the PTA said in a PDF that could be downloaded in Portuguese that buying and selling cryptocurrencies in Portugal would not be taxed. 

This means that there are no taxes on Bitcoin transactions in Portugal. Here is the PDF file in Portuguese. When receiving Bitcoin in exchange for goods or services, the tax treatment of the original transaction does not change. Taxpayers who deal in bitcoin as part of a business or profession are still required to pay taxes. But sometimes this rule doesn’t work.

Cryptocurrencies, which are sometimes called “virtual currencies,” are not cash, so they are not legal tender in Portugal. But if you want to make money with them, you can trade them at currency exchanges for real money like euros, dollars, or other currencies. How much you can get for each coin depends on how much people want it.

Less than ten days after its finance minister said that cryptocurrencies will soon be taxed, Portugal took another important step. Portugal has taken the last step toward putting a crypto tax in place. It gave Parliament its budget for 2022 on Wednesday. 

There are no taxes on cryptocurrencies

On May 16, Fernando Medina, Portugal’s Minister of Finance, said that many countries are working on ways to tax cryptocurrencies. Before the news came out, the country was known as a “tax haven,” which is a rare and coveted title. Since Portugal doesn’t tax cryptocurrency, investors from all over the world thought it might be a good place to put their money.

Portugal has been one of the most technologically advanced places to use cryptocurrency for a long time. In January 2022, Portugal will get its first store where people can buy and sell digital currencies like bitcoin. 

Portugal sees cryptocurrency as both an investment and a way to buy things. Together with El Salvador, this makes Portugal a country that is good for crypto in every way.

The Portuguese government said something on Wednesday. This is the most recent event, and investors in cryptocurrencies might take it as a good sign. The first plan to tax cryptocurrencies in the country was shot down by the government.

India, on the other hand, has decided to regulate cryptocurrency more strictly than other western countries, which are still taking steps toward accepting it. In March of this year, the government agreed to put a 30% tax on cryptocurrencies as part of its budget for 2022-2023. The proposal also asked that 1 percent of the tax on each Bitcoin transaction be taken out at the source (TDS).

On the other hand, this has made people angry all over the country. Many people think that India’s bitcoin industry could lose “talent” because of the new rules.

On the other hand, Slovenia’s tax system has changed a lot since a flat tax went into effect a month ago. All digital currency transactions in the country are now taxed at a rate of 5%. This was done so the process would go more smoothly.In Portugal, digital currencies are only taxed when they are traded for real money as part of a business. If you want to make money trading digital currencies in Portugal, you have to register as a trader and pay taxes on your earnings. Aside from this, Portugal does not tax digital currencies because they don’t fit into any of the tax categories the country has.

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