Europe's most crypto-friendly nation is planning to levy taxes on digital-currency gains for purchases held for less than a year.
The move is a major policy shift as Portugal currently does not tax crypto gains other than professional or business activities. According to the plan submitted to parliament on Monday, Portugal's proposed 2023 budget has made a provision to tax gains on crypto holdings held for less than one year at a rate of 28%.
However, the plan has stated that crypto assets held for more than 365 days will remain exempt from taxes.
Besides tax on digital-currency gains, the budget also consists of plans to issue new cryptocurrencies and mining operations as taxable income.
The draft budget still needs to be approved by parliament.
According to the budget plan, other taxes that will be introduced are a 10% tax on the free transfer of cryptocurrencies and a 4% rate on commissions charged by brokers on cryptocurrency operations.
The country has backed the new rules by...
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