Сrypto trading tax-free in Portugal
Cryptocurrency trading and payments in digital currency will not be subject to taxation in Portugal. According to the business publication Jornal de Negócios, the Tax and Customs Administration has confirmed that cryptocurrency transactions and payments are VAT-free.
The official document says that the process of exchanging digital assets for fiat currencies will not require VAT payment. Besides, citizens using virtual currencies do not have to pay income tax.
Portuguese tax authorities cite the 2015 European Court decision in the case of the Swedish cryptocurrency portal Bitcoin.se and its moderator David Hedqvist. That time the court decided bitcoin was a means of payment, and therefore its exchange should be exempt from VAT. However, the Swedish Tax Authority many times criticized this decision, arguing that the court was not well versed in the case.
Back in 2016, the Portuguese tax authorities determined that cryptocurrencies in the country are not subject to income tax. Earlier, in 2013, the Central Bank of Portugal Banco de Portugal issued a statement in which it refers to the document of the European Central Bank of 2012, which dealt with cryptocurrencies.
30 August, 2019 11:33
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