The Portuguese Parliament has rejected two crypto taxation proposals sent to the House for deliberation by the lawmakers. These proposals were brought before the Portuguese MPs during their budget debate.
The two proposals originated in the minority left-wing sections of the Parliament, the Bloco de Esquerda (Left Bloc) and Livre. After deliberations on both bills, the majority of the Parliament made up of the Socialist Party, turned them down. They have yet to submit theirs to the House for consideration.
Both bills seek to tax profits or gains from cryptocurrency-related investments and activities.
The debate on both bills comes after Fernando Medina, Portugal’s Minister of Finance, stated that the government is interested in developing a legislative framework to ensure that gains and earnings from crypto activities are taxed, as the current system is riddled with loopholes.
The European country is regarded as one of the most crypto-friendly, as it does not levy taxes on individual cryptocurrency gains. However, income from professional crypto activities must be taxed.
Portugal has long been regarded as a technological haven due to its welcoming policies and low cost of living.
According to the crypto tax law proposal submitted to Parliament, capital gains over €5,000 ($5,400) should be taxed.
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