Portugal Parliament rejected crypto tax proposals amid budget negotiations.
The Portuguese Parliament voted against two separate proposals by minority political parties to tax crypto assets.
The proposals came from left-wing parties Bloco de Esquerda and Livre and were both rejected during a budget vote for 2022 on Wednesday afternoon , according to business daily ECO .
Still, the days for a crypto-tax-free Portugal may be numbered.
As we recently reported , the Minister of Finance of Portugal, Fernando Medina, among others, called for cryptocurrencies to be taxed. He stated that the government would work on the regulatory framework, but did not give details on it yet.
He also argued that there should be no loopholes resulting in certain profits not being taxed in the country.
Livre's proposal stipulates that profits over 5,000 euros will be taxed. Ahead of the vote, Bloco de Esquerda MP Mariana Mortágua, who has been a strong advocate for crypto taxation, criticized the government for failing to find a way to tax cryptos.
She said:
"Regardless of the necessary future crypto regulations, our contribution to ending this offshore is to subject crypto assets to the same rate that applies to capital gains from equivalent income."
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