The Portuguese Parliament is composed of two different parties from the minority parties in the parliament. cryptocurrency rejected the taxation proposal.
The proposals came from left-wing parties Bloco de Esquerda and Livre, both rejected during the 2022 budget vote Wednesday afternoon, according to the business newspaper ECO.
Despite this, the days when cryptocurrencies are not taxed in the country may be numbered.
Portuguese Finance Minister Signaled on Taxation of Cryptocurrencies
Earlier this month, the country’s finance minister announced his decision to start taxing the coins, noting that the government will work on the regulatory framework. However, the Portuguese government did not give details for any time period.
He also argued that there should be no “gaps” in the country that would lead to the non-taxation of certain earnings.
Portuguese Opposition Proposed to Tax Earnings Over 5,000 Euros
According to Livre’s proposal, earnings above 5,000 euros would be taxed. Prior to the vote, Bloco de Esquerda MP Mariana Mortágua, who has been working hard on crypto taxation, criticized the government for failing to find a way to tax crypto assets.
“Regardless of any necessary future crypto regulations, our aim to put an end to this situation is to subject cryptocurrencies to the same rate that applies to capital gains on equivalent income.”
Portugal, one of the rare countries where crypto assets are not taxed, thanks to this feature, from all over the world. bitcoin He had attracted the wealthy. However, regulation steps for crypto assets continue throughout the European Union. A short time ago, the possibility of the European Parliament banning Proof of Work coins was on the agenda like a bomb.
*Not investment advice.