Tax & Spend
Portugal to Tax Crypto Gains in Next Year’s Budget Plan
- Government to tax gains on crypto held for less than one year
- Portugal is one of Europe’s most crypto-friendly nations
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Portugal is planning to start taxing digital-currency gains on purchases held for less than a year in a major policy shift for one of Europe’s most crypto-friendly nations.
Portugal currently does not tax crypto gains unless they come from professional or business activities. But that’s about to change. A provision in the country’s proposed 2023 budget would tax gains on crypto holdings held for less than one year at a rate of 28%, according to the plan submitted to parliament on Monday. Crypto assets held for longer than 365 days will continue to be exempt from taxes, it said.