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Portugal’s Congress Rejected 2 Crypto Tax Proposals

Portugal's Congress Rejected 2 Crypto Tax Proposals

Assembleia da República – Portugal’s Congress – dismissed two separate bill proposals focused on the taxation of cryptocurrency transactions. The suggestions were introduced by the left-wing parties – Livre and Bloco de Esquerda.

Crypto Transactions in Portugal Remain Nontaxable

A few weeks ago, the country’s Finance Minister – Fernando Medina – revealed the government’s plans to start applying capital gains taxes on digital asset profits. While not putting a deadline, the politician argued that the tax legislation should be “adequate” and establish “justice” and “efficiency.” He also opined that Portugal should take an example from other nations where such policies are already live:

“It is an area in which there is a lot more knowledge and a lot more progress so that Portugal can drink from international experiences.”

Two of the political groups in the country have already suggested what the taxation framework should look like. According to the left-wing parties, taxes should be imposed on individuals who earn profits of more than €5,000 ($5,300) per year from crypto.

Nonetheless, during this week’s budget voting session for 2022, Assembleia da República (Portugal’s Congress) rejected both proposals.

Portugal is considered a cryptocurrency hub due to its friendly stance on the sector. Bitcoin and the altcoins are regarded as currencies, while individual investors are exempt from taxation when profiting from the asset class. Nonetheless, people who deal with crypto as a professional or business activity are still subject to some tax.

Ukrainians Flock to Portugal

The crypto-welcoming ecosystem in the Iberian country has also turned it into an attractive destination for numerous Ukrainians seeking refuge after Russia’s invasion.

Two months ago, CryptoPotato reported the journey of the 35-year-old Maria Yarotska, who traveled all the way from Ukraine to Portugal in six days together with her family. It is worth noting that she is employed by NEAR Protocol (the Co-Founder of the company Illia Polosukhin is also Ukrainian). By moving to Portugal, she could continue working in the blockchain sector as the dApp platform has strong positions in Lisbon.

Another reason why many Ukrainians are flocking to the Western European nation is that they are the fifth-largest group of foreign nationals there. Ever since the war with Russia, their number has almost doubled, reaching over 52,000 people.

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