The Portuguese government proposed a 28 percent income tax on cryptocurrencies held for less than a year in a draft 2023 budget released on Monday. Cryptocurrency gains held for more than a year remain tax-free.
Free crypto transactions will also be taxed, and a 4% rate will apply to commissions charged by intermediaries. According to reports, in the next few weeks, the draft budget still needs to be discussed and approved within parliament.
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Earlier this month, Portuguese Finance Minister Fernando Medina announced a commitment to begin taxing cryptocurrencies, saying the government would work on creating a framework to promote the crypto-economy to provide a sense of security and legal certainty, as previously reported.
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