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Portugal to bring a new law
During a hearing in the Assembly of the Republic, the Finance Minister of the country, Fernando Medina, revealed that the government committed itself to create an adequate framework that includes, among other things, the taxation of the most significant gains from the sale of cryptocurrencies such as Bitcoin.In answer to queries from Mariana Mortágua, a member of the Left Bloc, the Secretary of State for Tax Affairs, António Mendonça Mendes, seconded and expanded on the information.
"Portugal is in a different situation because, in fact, several countries already have systems. Several countries are building their models regarding this matter, and we are going to build ours. I do not want to commit myself to a date at this moment, but we will adapt our legislation and our taxation," the minister stated during a working session relating to the State Budget for 2022.
Shortly after Medina's remarks, the Secretary of State for Fiscal Affairs entered the stage to discuss the matter further. Mendonça Mendes stated that the government's efforts are focused not only on capital gains taxation but also on how crypto-assets are framed in other forms of taxes, such as VAT and Stamp Duty.
Quick actions on crypto taxation
Notably, the existing law in Portugal does not enable the government to impose a tax on the income obtained from these transactions. These statements back up the information that the ECO has been releasing about crypto taxation since last year. The matter was on the previous government's agenda, with Mendonça Mendes still requesting in March a study on how other nations are effectively taxing crypto assets.Continue reading by joining Cryptonary Pro
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