The entire market of crypto currencies is still very young. The oldest currency Bitcoin is just 10 years old. No wonder, then, that the legislator must adapt to the new developments. Used slow new dish come out from time to time judgments to the regulations of the crypto-market. So even now, in Portugal, on the subject of tax freedom.The Portuguese tax authority has made it clear that both the crypto-currency trading as well as payments in crypto-currencies in the country will not be taxed. This is from a on 26. August of the Portuguese business newspaper “Jornal de Negócios” published report. It States that the Portuguese tax and customs authority has confirmed that transactions with crypto-currencies like Bitcoin (payments, purchases, sales) are exempt from VAT.According to reports, the authority has completed the clarification of the case of a local crypto-company, and a formal judgment document, to be published. In the document, the authority observes that the exchange of crypto against Fiat money, tax-free, and adds that users of Bitcoin and co. have to pay no income tax.
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Bitcoin tax-free because of the judgment from the year 2015
In the official statement to the Portuguese tax authorities cited a judgment of the European court of justice from the year 2015 in the the great Swedish Bitcoin Portal, Bitcoin.se went.Find the right one for you tax Tool. In our tax tool comparison for Bitcoin & Co, you can find out which providers are there and where are their Strengths and weaknesses lie. Choose currencies for you the optimal Tool for easy and hassle-free tax return for Bitcoin and Crypto. For comparison go.The competent court at the time ruled that Bitcoin is a means of payment and that the exchange should, therefore, be exempted from VAT. The Swedish tax authorities argued subsequently, however, against the judgment and claimed that the court did not understand the matter fully.
Earlier stance on Bitcoin tax
The latest opinion follows a previous tax ruling, the Portuguese tax authority according to which crypto-currencies in the country will not be taxed. By the authority in the year 2016, the published document States that the proceeds from the sale of crypto-currencies in Portugal, not the income tax.At the beginning of 2013, the Portuguese gave the Central Bank, the Banco de Portugal, a Declaration, in which they referred to a document from the European Central Bank from the year 2012.The Portuguese Bank has expressed concerns regarding the recognition of Bitcoin by the ECB as the “innovation phenomenon in the case of virtual currency models,” and claimed that Bitcoin cannot be used as a safe currency, since it will be issued by unregulated Bodies.How do you see the currencies, the issue of taxes in Crypto? Must pay you what is due to the purchase of Bitocin? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)