Portugal is Planning on Ending Taxless Crypto

1. Portugal has plans to implement a crypto earnings tax of 28%.
2. The government is looking for new sources of money in order to support its social programs.
3. Portugal anticipates that the GDP will grow by no more than 1.3% in the next year.

A recent post on Reddit has revealed that Portugal, a massive country that is very fascinated by technology and cryptocurrencies, has plans to implement a crypto earnings tax of 28%. According to Redditor, this is noticeably the same for stocks, but the percentage is incredibly high.

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This comes as the government is always looking for new sources of money in order to support its social programs and its deteriorating healthcare system. In doing so, however, it is on the verge of bringing a halt to the growth of the real estate market and putting an end to its role as a center for technological innovation.

Individuals in Portugal have been exempted from paying the capital gains tax on cryptocurrency profits for a long time. But according to Fernando Medina, the Minister of Finance, it’s time to start making payments.

Earnings produced from crypto assets that have been kept for less than a year would be subject to a capital gains tax at a rate of 28%, as proposed by Medina. This information comes from a draft of the 2023 budget that was presented to the Portuguese parliament previously.

According to the budget, the Portuguese government anticipates that the GDP will grow by no more than 1.3% in the next year. According to statistics provided by Trading Economics, it is estimated that the ratio of the country’s projected debt to GDP would reach 122% by the end of the year.

On the other hand, those who relocated to Portugal in order to take advantage of its tax-free status for crypto-assets have been disadvantageous and will depart as a result of this. Additionally, they will take a substantial amount of investments in Bitcoin and new businesses with them.

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