decrypt.co/ article: Portugal Plans to Impose 28% Tax on Crypto Gains
As a Portuguese, some people praised my country for being crypto-friendly. I warned them it was not crypto-friendly in the same way it is not investment friendly. It was just crypto-dormant.
First: it was just a matter of time to follow the moves from the EU. Second: it was expected (for some desirable, for others tolerable) that some taxation would arrive. Third: The taxes are huge in Portugal (for residents) and it was not likely that crypto would benefit from lower rates. But Why?! Why?!
Well... that would require knowledge to understand the technology and vision to act early and bet on the sector. And then the courage to classify the sector as strategic and apply lower tax rates compared to others. The people in charge over here have none of these and are tax addicts anyway, so there you go.
Applying the law will be an additional challenge in Europe's most financially illiterate country while active politicians go on tv weekly to spread gems from 2013 such as: crypto is for criminals, it is good for money laundering, people lose money because it is a ponzi scam, etc.
source: ECB
Don't get me wrong, I still want you here!
Portugal is not so crypto-friendly as you thought...
...but we still have sun, beach and good food!
AND WINE!
Cheers,
RMach
Another shot in the foot, as usual. With all the good things we have, how cool it would be if we didn't had assholes in the government? Now I want to know the details of said bill... I honestly believe that apart from CEXes, they have absolutely no clue about how to do it, and how to inform us on how to do it.
🤷♂️
Arseholes in government. You should come here, we’re there laughing stock thanks to Truss, Johnson and Theresa May before that. It’s a pandemic in itself, government stupidity.