Crypto tax proposals from two leftist parties turned down by Portuguese lawmakers.
The bids came from minority left-wing parties, while the ruling majority is yet to put forward its own draft to regulate the matter.Members of the Assembly of the Republic, Portugal’s legislature, have rejected two separate proposals to tax profits from crypto investments. They came from the leftist parties Bloco de Esquerda and Livre, and were turned down by the majority of the ruling Socialist Party.
The attempts to adopt rules for the taxation of capital gains from crypto assets were made during the ongoing discussions on the country’s 2022 budget, Eco reported. The Portuguese news portal has been following the parliamentary debate.that the government is working on a legal framework allowing the taxation of crypto-related income.
Livre’s proposal envisages taxing capital gains from crypto exceeding a threshold of €5,000 . The eco-socialist party insisted that the executive power in Lisbon should take the necessary steps to introduce an obligation to declare crypto assets for the purpose of their taxation. Portugal’s favorable crypto tax regime and relatively affordable costs of living have turned the country into a hub for tech innovations, attracting digital nomads and bitcoin enthusiasts from around the world, including