Portugal budget proposal includes taxation of cryptocurrencies

The Portuguese budget plan for 2023 proposes the introduction of a 28% income tax on digital assets held for less than a year. Beyond this period, it is not envisaged.

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The tax would also apply to crypto transactions.

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The document also contemplates a 4% levy on intermediary commissions.

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The proposal will be considered in the coming weeks. Given the ruling party’s absolute majority, there are no anticipated obstacles to its approval.

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In May, Finance Minister Fernando Medina emphasized that all income in the country should be taxed, exemptions are unacceptable. This will create a sense of legal certainty, laying the groundwork for the development of the crypto-economy, he added.

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In the United States, tax-evading clients of the cryptocurrency exchange SFOX were targeted IRS.

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ForkLog previously reported on a family of Bitcoin nomads who moved to Portugal due to the lack of taxes on digital asset transactions.

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