The tax authority is analyzing a new fiscal framework for cryptocurrencies, said Finance Minister Fernando Medina.
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Portugal’s days as an attractive center for the bitcoiners could be about to come to an end.
Portugal’s Tax and Customs Authority is evaluating the implementation of a tax on cryptocurrencies, according to a report by local news agency ECO .
According to reports, the Portuguese tax body is analyzing a new tax framework for digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies following the local government request which is apparently seeking to establish new regulations for this asset class. A source close refers to the closing price; similar to the same term used in stock trading. to the Ministry of Finance, with knowledge on the subject, told the media:
The Government supports a concerted position on this issue at European level. However, it determined, by order of the Secretary of State for Tax Affairs dated 2021, that the Tax and Customs Authority should study the framework of crypto-asset instruments in the light of international best practices.
The source added that the tax authority is conducting an investigation to assess how other countries tax cryptoassets “ in order to propose an adequate fiscal framework […], considering the necessary balance between the fair distribution of income and wealth and the attraction of foreign investment ”.
New tax policies for cryptocurrencies
Portugal’s newly appointed Finance Minister Fernando Medina confirmed on Friday that cryptocurrencies are expected to be taxed in the future. “ Several countries already have systems in place. Several countries are building their models on this issue and we are going to build our own. o” commented the politician during a session in Parliament.
Medina, who served as mayor of Lisbon in 2015, further emphasized that there can be no “ gaps resulting in gains gains refer to an increase in value or profit. related to the transaction of assets that are not taxed ”.
While details on the direction of the new tax policy for Portugal are still scarce, the official’s statements suggest that the authorities would be considering a capital capital is most commonly defined as the large sum of money you would use to invest. gains tax, as he notesThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain..
La Secretaria de Estado de Asuntos Fiscales, Mendonça Mendes, también anunció que el gobierno no solo gravará las ganancias de criptomonedas, sino que estas además se include in other types of taxes, such as VAT and Stamp Duty. he said. Portugal.com . The proposal enjoys the support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. of the Left Bloc party (BE), added the media, which quoted Mendes.
“ We are evaluating by comparing internationally what is the definition of cryptoassets, which includes cryptocurrencies. We are evaluating the regulations in this area, whether in the fight against money laundering and the regulation of markets, in order to present a legislative initiative that truly serves a country in all aspects, not a legislative initiative that is the front page of a newspaper. ” .
Portugal will no longer be a Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. paradise
For some time now, Portugal has been considered by many as a ” tax haven “of cryptocurrencies . El país no considera las criptomonedas como un activo y, en cambio, se las trata como una moneda, lo que significa que, si bien las empresas que brindan servicios de criptomonedas están sujetas a impuestos, las personas que invierten en ellas no lo están, como explica The Block .
In this regard, some experts – including Mendes – believe that this favourable condition for cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. investors and enthusiasts is due more to alaguna en el sistema regulatoriothan to a decision designed by the country to favour the industry. It should be noted that, comparatively, the country has a 28% rate for financial capital gains.
“ There is no specific law, it is only the lack of regulation that led to the zero rate in Portugal. “, commented Susana Duarte, member of the Abreu Advogados Lawyers buffet in Lisbon on this matter to CoinDesk . “ This, along with an understanding published by the Portuguese tax authority in 2016, meant that only cryptocurrency-related businesses can be taxed “.
Although no specific timeline for the new regulations has been announced, reports indicate that the effective capital gains rate of zero for cryptocurrencies, which had until now positioned Portugal as an attractive crypto, could soon be a thing of the past. The change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. in stance appears to be in line with other nations such as Australia, the UK and the US.
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Article by Hannah Estefania Perez / DiarioBitcoin
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