Portugal’s Congress rejects bills to tax crypto

The proposals were submitted by two left-wing parties. The government, which is also looking to implement taxes, has not made a proposal yet.

The Portuguese Congress, Assembleia da República, on Wednesday rejected two bills aimed at taxing cryptocurrencies.

  • The two bills were introduced by local media Sabo, who are two leftist parties with little representation in the Portuguese Congress.

  • The ruling Socialist Party, which owns the majority of members of the legislature, has yet to introduce any bills, after Portuguese Finance Minister Fernando Medina announced last week that cryptocurrencies will be taxed in the near future.

  • “Many countries already have systems in place, many countries are building their models around this and we’re going to build our systems,” he said.

  • Portugal has a zero effective capital gains rate on cryptocurrency, compared to the current capital gains tax rate for financial investments of 28%.

  • Susana Duarte, a partner at Lisbon law firm Abreu Advogados, said the new policy proposed by the government would include a capital gains tax, she told CoinDesk last week.

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