Portugal to impose taxes on energy producers’ “super profits”

Portugal to impose taxes on energy producers’ “super profits”

If Bruno Le Maire “doesn’t know” what super profitability is, Portugal does. Finance Minister Fernando Medina announced Monday during the presentation of the draft budget for 2023 that the Portuguese government has already decided to start taxing the “super-profits” of energy producers as well as capital gains from investments in cryptocurrency.

After an agreement reached within the European Union to return a portion of the “super-profit companies” of energy producers to homes and businesses facing exploding bills, Portugal will present next year “Temporary Solidarity Contribution”. It will be at least 33% in “Extraordinary Profit” Crude oil, natural gas, coal and refining sectors.

Sequel after the announcement

tax on cryptocurrency

The Finance Minister also confirmed his intention to close the legal loophole that prevented the taxation of virtual assets in Portugal, making the country particularly attractive to crypto investors.

Super profit taxation, Instructions for use

Fernando Medina said on Monday that capital gains made in the sector will be taxed at 28%.

Portugal has so far been one of the few countries in Europe where cryptocurrency transactions have not taken place “Taxable”, Because they were not considered currencies or financial assets.

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About the Author: Irene Alves

"Bacon ninja. Guru do álcool. Explorador orgulhoso. Ávido entusiasta da cultura pop."

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