Cryptocurrency Tax Detail in Portugal’s New Draft Law

In the draft budget prepared by the Portuguese government for 2023, taxation of cryptocurrencies came to the agenda.

According to the annual budget draft completed today in the country, the government cryptocurrency from their income 28% tax plans to buy. Officials state that taxation is also guaranteed by the legalization of cryptocurrencies in the country.

The crypto tax planned by the Portuguese government will not be charged on any transaction. The new 28% tax covers crypto assets traded in less than 12 months. According to the statements of the deputies, citizens who make long-term investments are not within the scope of the tax.

In the westernmost part of Europe, taxation of cryptocurrencies has been regulated before. However, the tax collected was only on the income of institutional investors. With the new bill, taxes will be collected from all Portuguese citizens.

Apart from the tax on crypto income, the Portuguese government is also preparing a tax bill for airdrops. According to rumors, the state will demand a 10% tax from the investors who receive the airdrop. It is also controversial to impose a 4% tax on crypto brokers.

Crypto Investors Prefer Portugal!

Except for the recent government tax bill, the laws are quite flexible in the country for crypto investors. The tax exemption of long-term investors in the new bill could cause large crypto investors to settle in the country.