Portuguese Congress rejects two bills to tax cryptocurrencies

Portuguese Congress rejects two bills to tax cryptocurrencies

The proposals were submitted by two left-wing parties. The government, which is also seeking taxation, has not yet submitted a proposal.

The Portuguese Congress, Assembleia da República, on Wednesday rejected two bills that would have taxed cryptocurrencies.

  • The bills were presented by Livre and Bloco, two left-wing parties that have little representation in the Portuguese Congress, local press Sapo reported.
  • The ruling Socialist Party, which holds the majority of the legislative assembly, has yet to submit a bill after Portuguese Finance Minister Fernando Medina announced last week that cryptocurrencies would be subject to taxation in the near future.
  • "Many countries already have systems, many countries are building their models regarding this issue and we will build our own," he said.
  • Portugal has an effective capital gains tax rate of zero on cryptocurrencies, compared to the current capital gains tax rate for financial investments of 28%.
  • The government's proposed new policy would include a capital gains tax, Susana Duarte, an associate partner at law firm Abreu Advogados in Lisbon, told CoinDesk last week.