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Portuguese authorities exempt all cryptocurrency transactions from taxes


Portuguese citizens using cryptocurrencies in various transactions will not pay taxes to the country’s budget. The corresponding decision was published by the Tax Administration of Portugal, local media reported.This is a value-added tax, and all types of operations with coins, including payment for goods and services, conversion of cryptocurrency into fiat money and trade in digital assets, will be exempted from such a fee. Holders of bitcoin and altcoins are exempt from income tax.

The Office emphasizes that its decision is based on the judgment of the European Court of 2015. Then the court recognized bitcoin as a payment instrument, transactions with which are exempt from tax fees.

Note that other European countries, on the contrary, strive not only to control cryptocurrency transactions, but also try to force crypto traders to pay taxes. For example, last year in Poland, a bill on taxation of digital asset holders was signed by the president of the country.

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