Capital gains made in the virtual assets sector will now be taxed at 28%.
The Portuguese government has decided to start taxing the “superprofits” of energy producers as well as the capital gains from investments in cryptocurrencies, Finance Minister Fernando Medina announced on Monday during the presentation of the draft budget for 2023.
Following the agreement reached within the European Union to return part of the “superprofits” of energy producers to households and businesses faced with the explosion of bills, Portugal will introduce next year a “contribution temporary solidarity.
It will be at least 33% on the “extraordinary profits” of the crude oil, natural gas, coal and refining sectors.
The Minister of Finance also confirmed his intention to fill the legal loophole that prevented the taxation of virtual assets in Portugal, which had made the country particularly attractive for cryptocurrency investors.
Capital gains made in this sector will now be taxed at 28%, said Monday Mr. Medina.
Portugal was so far one of the few countries in Europe where cryptocurrency transactions were not “taxable”, as they were not considered currencies or financial assets.