Portugal's New Budget Draft Includes Crypto Income Tax

The government of Portugal proposed a 28% income tax on cryptocurrencies in its 2023 budget draft, released on Monday. The tax would apply only to cryptocurrencies owned for less than a year, with gains from crypto held for longer than that period of time still exempt. Free crypto transactions would also be taxed, and a 4% rate would apply to commissions charged by intermediaries. The budget is still subject to discussions and approval within the Parliament in the coming weeks.