Portugal appears to be losing crypto tax haven status
Portugal was one of the few countries that did not want their residents to pay tax on gains from cryptocurrencies, as they did not see it as legal tender. All of that changed with the announcement from Portuguese finance minister Fernando Medina, who said that they will start taxing profits made with cryptocurrency. For now, the date is not yet known. The proposal to start taxing crypto was also backed by Secretary of State for Tax Affairs Antonio Mendes. The law of not taxing crypto was established in 2016, however it seems it will end soon. Medina backed his decision by the statement that after they have compared Portugal with other nations that have systems in place, they have decided to put tax on crypto gains, which they don’t see the problem in, as they said that anything that brings someone profit should be taxed and there should be no gaps.
At the Parliamentary meeting, Medina said that taxing cryptocurrencies is very complicated, because there is no universal definition of cryptocurrencies and their assets. He has calmed down the investors with saying that they will come up with a system that will make taxation adequate.
Top 10 crypto tax-free countries – excluding UAE – Dubai. (Source: getgoldenvisa)
Sources:
https://getgoldenvisa.com/crypto-tax-free-countries
https://blockchair.com/news/portugal-to-impose-taxes-on-cryptocurrencies--c9f6f6533e
https://decrypt.co/100549/portugals-status-as-a-crypto-tax-haven-appears-to-be-ending
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