Portugal wants to implement a capital gains tax on cryptocurrencies |  Portugal

Portugal wants to implement a capital gains tax on cryptocurrencies | Portugal

The Portuguese Minister of Finance has announced that he wants to introduce a tax on the capital gains of virtual currencies. It must be said that the legislation in force does not allow taxing the margins obtained with cryptocurrency transactions. Things are therefore about to change in this country that virtual currency investors nickname “bitcoin heaven“.

A new look from the administration on cryptocurrencies

On Friday, May 13, Fernando Medina made this statement, in the presence of members of parliament. Although surprising, this announcement arrives in a particular context that it would be ideal to recall. Indeed, the inhabitants of the country were not required to pay a tax on the profits made through virtual currencies. It should be noted that the latter are currently perceived as currencies more than as assets in Portugal. Besides, be aware that this is the reason why investors do not suffer a tax payment. As far as corporations are concerned, they must pay a tax of between 28 and 35% on their profit margins.

No date mentioned yet

The authorities no doubt intend to take measures and introduce a new virtual currency framework in Portugal. However, despite the intentions, you should know thatno date was mentioned for the implementation of these policies. Some data shared by the Secretary of State for Fiscal Affairs gives an idea of ​​the proposed guideline. According to the information, the authorities want tax the gains without stopping at the benefits. They may want to subject the players in the field to other taxes such as stamp duty or VAT.

A decision inspired by other nations

It should be pointed out from the outset that there are parliamentarians who want a total change towards the virtual currencies. Indeed, this desire is mainly due to the fact that they do not have a real knowledge in the matter. However, the Minister of Finance wants to calm things down and he has also specified that he intends to rely on certain nations. In other words, Fernando Medina declares that he will be inspired by the latter to set up advantageous policies for Portugal. He announces that many countries already have this system and are in the process of building their models on this subject.

An impact on the image of the country

Several people wonder if Portugal will not lose in terms of attractiveness for investors from cryptocoins. The decisions are understandable, especially from a legal point of view, and they can help to deal with money laundering. However, the fact remains that these measures risk tarnishing the image of the country. They can harm the nation’s appeal to virtual currency investors. As a reminder, the German authorities recently announced that they want to zero-rate all cryptocurrencies owned for more than twelve months. It is at this time that Portuguese leaders are showing their intentions to impose a tax on investors. You should know that this would result in a more structured, but less advantageous framework. We will therefore have to wait to know the policies adopted as well as the taxes that will be imposed on the players.

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