Portugal’s Parliament Rejects Crypto Tax Proposals Amidst Budget Negotiations

The Portuguese Parliament rejected two distinct proposals to tax crypto assets put up by minority political parties. According to the economic publication ECO, the proposals from the left-wing parties Bloco de Esquerda and Livre were both rejected on Wednesday afternoon during a 2022 budget voting session. Nonetheless, the days of a tax-free crypto Portugal may be numbered. The country’s finance minister announced earlier this month that the government will begin taxing cryptocurrency, indicating that the government would work on the regulatory framework but refused to commit to a timeline. He also stated that there should be no “gaps” in the tax code that allow some gains to escape taxation in the country. Gains over €5,000 would be taxed under Livre’s proposal. Mariana Mortágua, a member of parliament from the Bloco de Esquerda who has been vociferous about crypto taxes, attacked the government before to the vote for failing to find a mechanism to tax crypto. “Regardless of necessary future crypto regulations, our contribution to put an end to this offshore is to subject crypto assets to the same rate applicable to capital gains on equivalent income,” she said.The post Portugal’s Parliament Rejects Crypto Tax Proposals Amidst Budget Negotiations appeared first on Cryptoknowmics-Crypto News and Media Platform.