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Despite the statement of the Minister of Finance of Portugal, bills on the taxation of digital assets on capital gains have not been approved in Congress.
Portugal’s Congress has rejected two bills aimed at taxing cryptocurrencies that were introduced by two left-wing parties, Livre and Bloco. The ruling Socialist Party, which has a majority of votes in the legislative assembly, has not yet introduced a single bill after Portuguese Finance Minister Fernando Medina announced that cryptocurrencies will be subject to taxation in the near future.
“Many countries already have systems, many countries are building their own models, and we will build our own,” Medina said.
Susana Duarte, a partner at law firm Abreu Advogados, confirmed that the new policy proposed by the government would include a capital gains tax. Now Portugal does not charge income from digital assets. At the same time, investors in the traditional asset market pay a 28% capital gains tax. Many investors believe that this is unfair and demand to equalize the taxation of assets.
The same opinion is shared by the Secretary for Taxation Antonio Mendonca Mendes (Antonio Mendonca Mendes), who announced the imminent introduction of income tax on crypto assets. According to the official, now the Portuguese authorities are studying the taxation of digital currencies in other countries. After considering the issue, the agency will issue recommendations on the taxation of cryptocurrencies. However, it is not yet clear how this will affect the investment climate for the country.
Before the talk of introducing taxation on capital gains, Portugal was considered one of the countries with a favorable climate for the development of the crypto industry. It was in this country in February from Holland, fleeing from taxes, that the famous bitcoin family moved.
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