Altcoin News: In Portugal, Cryptocurrency Will Not Be VAT Subject

August 30, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Portuguese tax authority has clarified the status of cryptocurrencies and reported that cryptocurrency trading and payments in Bitcoin are not subject to value-added tax (VAT).

According to the publication Jornal de Negócios, the Tax and Customs Service of Portugal has clarified the status of cryptocurrencies for the local mining company. According to an official document, the exchange of fiat funds for cryptocurrencies is not subject to VAT. In addition, users do not have to pay income tax on crypto assets trading.

In its statement, the Portuguese Tax Service refers to the decision of the European Court of 2015, according to which Bitcoin is recognized as a means of payment and, accordingly, should not be subject to VAT.

Recall that at the beginning of the month, the New Zealand Tax Service announced that obtaining income in cryptocurrencies is legal, but must be taxed on profits.

Author: Marko Vidrih