Portugal abolished taxation of cryptocurrencies

Portugal abolished taxation of cryptocurrencies

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The Portuguese Tax Authority confirms that cryptocurrency transactions and payments are completely tax-exempt.

The administration provided an official clarification at the request of a local mining company describing the relevant features of the country’s fiscal policy.

Portugal abolished taxation of cryptocurrencies

The document says that payments, cryptocurrency trading and exchanges for fiat are not subject to value added tax, and users do not need to pay income tax. At the same time, the tax authority referred to the four-year decision of the European Court of Justice in the Bitcoin.se case, when bitcoin was recognized as a means of payment exempt from VAT.

On this issue, Portugal’s policy is still moving at odds with the decision of the heads of the G20 countries to create international taxation system for cryptocurrencies.

text: Ivan Malichenko, photo: Shutterstock