TheCryptoUpdates
BitcoinBitcoin NewsBTC NewsCryptoCryptocurrency NewsCryptocurrency TaxFinanceGeneral NewsNewsTwitter

Portugal Does Not Levy Taxes on Cryptocurrency Capital Gains

Portugal Does Not Levy Taxes on Cryptocurrency Capital Gains

Well-known bitcoin news Twitter account Bitcoin Archive recently tweeted and shared that bitcoin capital gains are not taxed in Portugal.

Portugal’s Crypto Taxation Policy

Cryptocurrency capital gains will not be taxed under the Personal Income Tax Code, category E (dividend and interest income), or category G (capital gains) based on the Portugal Tax Authority’s interpretation of the Personal Income Tax Code (as a capital gain).

It is important to note that the Personal Income Tax Code (PITC) does not tax gains made from the sale of digital currencies to individuals unless it is seen as a professional or entrepreneurial activity, in which case it is taxed as a qualified income under category B (freelancing).

To summarise, the PTA believes that capital gains from the sale of cryptocurrencies are not liable to Personal Income Tax unless the taxpayer’s actions are considered to be professional or entrepreneurial in nature.

***

Related Articles

A $500 Million Bitcoin Mining Lending Pool Has Been Launched by Binance

Mridul Srivastava

Hello Pal Becomes First Listed Canadian Firm To Buy Doge Mining Startup

Kshitij Chitransh

New Zealand legalizes to pay salary using cryptocurrency

Akansha Kesarwani