Portuguese Congress rejects two bills to tax cryptocurrencies

Published on 26/May/2022 02:45

The proposals were submitted by two left-wing parties. The government, which is also seeking taxation, has not yet submitted a proposal.

The Portuguese Congress, Assembleia da República, on Wednesday rejected two bills that would have taxed cryptocurrencies.

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The bills were presented by Livre and Bloco, two left-wing parties that have little representation in the Portuguese Congress, local press Sapo reported.
The ruling Socialist Party, which holds the majority of the legislative assembly, has yet to submit a bill after Portuguese Finance Minister Fernando Medina announced last week that cryptocurrencies would be subject to taxation in the near future.
"Many countries already have systems, many countries are building their models regarding this issue and we will build our own," he said.
Portugal has an effective capital gains tax rate of zero on cryptocurrencies, compared to the current capital gains tax rate for financial investments of 28%.
The government's proposed new policy would include a capital gains tax, Susana Duarte, an associate partner at law firm Abreu Advogados in Lisbon, told CoinDesk last week.