(Bloomberg) -- Portugal is planning to start taxing digital-currency gains on purchases held for less than a year in a major policy shift for one of Europe’s most crypto-friendly nations.
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Portugal currently does not tax crypto gains unless they come from professional or business activities. But that’s about to change. A provision in the country’s proposed 2023 budget would tax gains on crypto holdings held for less than one year at a rate of 28%, according to the plan submitted to parliament on Monday. Crypto assets held for longer than 365 days will continue to be exempt from taxes, it said.
The draft budget, which still needs to be approved in parliament, would also consider the issuance of new cryptocurrencies and mining operations as taxable income. The government also will introduce a 10% tax on the free transfer of cryptocurrencies and a 4% rate on commissions charged by brokers on cryptocurrency operations, according to the draft budget.
Portugal said...
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