Portugal Makes U-Turn As a Tax-Free Free Country on Crypto
Taxes on crypto is not a new thing to some crypto investors whose countries have already imposed it, they have gotten used to it and a new country that implements it will just be like a welcome to the club to them. Countries like the U.S, Australia and India are among the leading countries with taxes on cryptocurrency and countries with tax-free on crypto are Belarus, El Salvador, Germany, Malaysia, and Portugal. Etc.
However, one country among the tax free countries has made a U-turn on making crypto tax free and that’s Portugal. This decision has really angered and triggered disappointments in the crypto investors in Portugal. The announcement was made by Portugal’s Minister of Finance Fernando Medina.
He said: "Portugal is in a different situation, because, in fact, several countries already have systems. Several countries are building their models regarding this matter and we are going to build ours. I do not want to commit myself to a date at this moment, but we will adapt our legislation and our taxation."
Just like every other country that is tax-free on crypto which is seen as a desirable hub for companies and crypto investors to locate and settle for their crypto transactions or deals Portugal wasn’t left out as the main location was Lisbon for the massive flow of blockchain companies. Now that the announcement has been made to put taxes on crypto what will be the fate of the blockchain companies, the crypto investors and even Lisbon?
Normally, Portugal’s capital gains tax rate for any financial investment for companies and businesses is 28%. However, it hasn’t been disclosed whether or not the same percentage will be used on crypto it may be more, it may be less or even the same, no one is certain yet but crypto investors and blockchain companies are in anticipation of what the outcome may be. But the finance, however, said it will be an adequate rate so that the success of crypto won’t drop in the country.
And also it was also made mentioned by the Secretary of State for Fiscal Affairs Mendonça Mendes that it won’t just be the capital gains taxes, the taxation may also be applied to income taxes, VAT and even transactions. Whatever the outcome may be, the crypto industry and crypto investors should get ready and as other countries' crypto investor who is already experiencing the same fate would say, welcome to the club Portugal crypto investors.
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Hahaha welcome to the club you were once in 😅 too bad, this is really annoying to the crypto investors in Portugal but I guess they can only accept it since it seems it has already been decided.
It just seem like the country is imitating another country... They first made it a rule not to take taxes and now its a rule to take taxes... Not stable at all
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😂 yeahhh...
Well maybe the reason for the u-turn is because they've seen the success of it and has every government or politics they will always find way to tap money from every business or anything that looks successful to gain from it too
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Oh I see, that's a good one but not to the advantage of the crypto investors I guess.
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Exactly, except the tax rate is okay with them and manageable, they can find a way to adapt to it but if on the other it's high, then not sure they will stick around.
I dont know why some of the leading countries dont buy the tax free cryptocurrency form. And any country that implemented tax free cryptocurrency should be a country that knows just how to tune in decentralization and make it look centralized. The reason for Portugal deviating could be best known to them and for a very good reason.
Well whatever the reason may be, the taxation should be considerate to avoid the Blockchain companies leaving the country and therefore uttering the success of it
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Yes a very good point there! I just hope what they do is of good and not a thing to regret for them
Yeah hope so too 👍
Thanks for stopping by 😊
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It's what we do!
And that's how we roll 😂
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U gerriet bro😂✌️
IFB
Done bro 👍
You are gonna be a real time homie
💪💪 we are together brother🤞
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If I have doubts about El Salvador and other countries that have introduced or are about to introduce bitcoin into circulation. then. As for Portugal, I based on her history. somehow. calm. For many centuries, many times, both Spain and France tried to conquer Portugal, but they did not succeed. If the Portuguese are as resilient as their ancestors, then it could grow into something big.
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Absolutely, I believe so too
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So we are like-minded)
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Lol you can say that 💪
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If we find two more, then we will become musketeers)
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Then we'd become the three musketeers of Hive 😂😂😂
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As a result, there were four)
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However it may be, the three musketeers are the names that went down in history...😊
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But, the bottom line is that without the fourth, their names would have remained in non-existence)
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So we need in summary we need a fourth right? Let the search begin
No. You are definitely wrong in this case. First, we need to find the third one)
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Oh yeah right, before we move on to the fourth 👍
I think we need to obey the natural course of events and what we were taught in school ... after 2, comes 3, not 4)
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