The deterioration of cryptocurrency operations in Portugal

PS announced today that it will increase taxes applicable to crypto-asset transactions. It should be remembered that in the State Budget Proposal for 2023 (OE2023), a new tax regime for crypto assets is defined, provided that capital gains are taxed at a rate of 28% when they are held for less than one year.

This means that in Portugal, digital currencies, such as BitCoin, will have their own tax system.

taxes Crypto assets in the IRS
According to Socialist Party Deputy Miguel Cabreta, when submitting the proposed amendments to the state budget for 2023, “PS is moving forward with 'improvements' in taxation of crypto assets, specifically in terms of the IRS for income from operations with crypto assets."
The MP noted that PS will incorporate these processes into provisions already in place under the IRS, equating them with other sales and commodity taxation mechanisms.

Let's make it clear in law that income from the sale of crypto assets should be taxed at the normal rate, depending on the income bracket in which it is the subject. 







It has also been proven that operations subject to crypto-asset mining, which are usually core operations in this sector, but have high energy costs, will have a high rate from the point of view of the tax coefficient.  This is not only for issues related to the activity itself, but also to environmental problems.


Still in the field, the socialist MP asserts that “it will be clear that taxpayers who have a tax haven in tax havens cannot report losses arising from losses in the purchase and sale of crypto assets.”
In addition to cryptocurrencies, it is available in Headquarters for IMT (Municipal Transaction Tax), PS wants to end the exemption for so-called technical exchanges.
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