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Source: TAXDAO
With the continuous popularization and adoption of cryptocurrencies globally, investors and traders need to understand the tax effects of cryptocurrencies activities.In Portugal, major changes have undergone cryptocurrency taxes in recent years, which makes it important for individuals to maintain their knowledge and comply with the latest regulations.This comprehensive guide will provide all the necessary information of Portuguese cryptocurrency tax in 2024, from tax rates and categories to reporting obligations and as much as possible to reduce taxes.
1 Do you pay the cryptocurrency tax on Portugal?
In the past, Portugal was considered a “tax -free” area for cryptocurrencies.However, major changes occurred in 2023, and Portugal incorporated cryptocurrencies into the scope of taxation.According to the Portuguese personal income tax law (PIT code), the income of cryptocurrencies is now divided into three categories: capital (E), capital income (C) or self -operated occupational income (Class B).This means that personal cryptocurrency activities are no longer tax -free.
1.1 Learn Portugal’s cryptocurrency tax rate
The tax rate of Portuguese cryptocurrencies vary from income category.The standard capital gain tax rate is 28%, which is suitable for short -term returns obtained within 365 days after obtaining cryptocurrencies.However, under the new cryptocurrency tax system, NFT is currently excluded from taxes.
It should be noted that Portugal’s progressive tax system means that the tax rate increases as the income level increases.According to different income categories, the tax rate ranges from 14.5%to 53%.For example, the capital income belongs to Class E with a unified tax rate of 28%.On the other hand, self -operated occupational income (Class B) levy tax rates at 14.5%to 53%.
1.2 How Portugal is tax on cryptocurrencies
In Portugal, cryptocurrencies are taxed according to their income categories.Let’s take a closer look at each category:
1.2.1 Capital income: Class E
Class E covers the legal currency remuneration of passive cryptocurrency investment, not based on any cryptocurrency transfer.This category is levied at a unified tax rate of 28%.When the income of cryptocurrencies does not belong to another specific category, it is the default category.The real -object encrypted payment, if the cryptocurrency payment is used to pay the goods or services, it will also be taxed accordingly.
1.2.2 Capital gain income: G class G
If you hold cryptocurrencies for less than 365 days, any capital income earned with legal currencies will be levied 28%of the unified tax rate.However, if your taxable income (including total income and losses) exceeds 7,8834 euros, these income will apply a progressive tax rate of 14.5%to 53%.It should be noted that this rule does not apply to certain encrypted assets, such as investment/securities tokens that are classified as securities.
1.2.3 Self -operated career income: Class B
The income generated by encrypted asset issuance business (such as mining or verification of encrypted transactions) belongs to Class B.These income levy tax rates from 14.5%to 53%.If you specifically traded cryptocurrencies, your profits are likely to belong to this category and are taxed as income.
1.3 Report cryptocurrency duty in Portugal
As a taxpayer of Portugal, it must abide by the declaration obligation of cryptocurrency tax.Personal income tax (IRS) is suitable for residents and non -residents who obtain income in Portugal.Portuguese taxpayers must submit an annual tax declaration form on the previous year’s income and provide other relevant information about their taxation.The submission window of the tax declaration form is from April 1 to June 30 every year, and the tax declaration form must be submitted online online.
Portuguese cryptocurrency taxpayers must submit the tax declaration form online online.If the evaluation is evaluated before July 31, the tax will be paid before August 31.If the assessment is carried out after July 31, the tax should be paid within one month after the assessment.Observing these deadlines is essential for avoiding any fines or late fees.
1.4 Try to reduce cryptocurrency duty as much as possible in Portugal
Although cryptocurrency taxes are inevitable in Portugal, you can use several strategies to minimize your taxpayment obligations.Here are some prompts that need to be considered:
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Long -term holding of cryptocurrencies: Portugal still has a long -term income of the long -term income of cryptocurrencies that holds more than a year.By maintaining the long -term nature of cryptocurrency investment, you can benefit from this tax -free and reduce your overall tax burden.
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Please consult with tax professionals: Tax regulations may be very complicated, and it is always wise to seek suggestions from qualified tax professionals.They can help you understand Portugal’s complex cryptocurrency duty and provide personalized guidance based on your situation.
By implementing these strategies and knowing the latest tax regulations at any time, you can effectively minimize Portuguese cryptocurrency taxpayers.
2 conclusions
It may be complicated in the world of cryptocurrency taxes, but it is important to maintain knowledge and abide by the regulations in jurisdiction.In Portugal, cryptocurrencies need to be taxed now, and different tax rates depend on the category of income.By understanding tax rates and reporting obligations and implementing tax -saving strategies, you can effectively manage your cryptocurrency taxation obligations in Portugal.Remember to consult a tax professionals to get personalized suggestions that suits your situation.Understand the situation at any time, comply with regulations, and make full use of your cryptocurrency investment in Portugal.
