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Latest Crypto Tax Law adjustments in Portugal

17 – For the purposes of this Code, any digital representation of value or rights that can be transferred or stored electronically using distributed recording technology or similar technology is considered a crypto asset.18 – Excluded from the provisions of the previous number are unique and non-fungible crypto assets from other crypto assets.19 – Gains obtained, as well as losses incurred, resulting from the operations provided for in paragraph k) of paragraph 1 related to crypto assets held for a period equal to or greater than 365 days, are excluded.20 – When the provisions of the previous number do not apply and the consideration for the disposals provided for in paragraph k) of paragraph 1, including those relating to crypto assets received pursuant to the provisions of paragraph 11 of article 5, takes the form of crypto assets, there is no taxation. The acquisition value of the received crypto assets is assigned to the crypto assets 169 delivered, determined under the terms of this Code.21 – The provisions of paragraphs 19 and 20 do not apply to income earned by taxable persons or owed by any person or entity when either is not a resident for tax purposes in another Member State of the European Union or the European Economic Area or in another State or jurisdiction with which an international convention for the avoidance of double taxation, a bilateral or multilateral agreement that provides for the exchange of information for tax purposes, is in force.22 – For the purposes of subparagraph k) of paragraph 1, the loss of resident status in Portuguese territory is equivalent to an onerous alienation.

Article 31, Paragraph 1:

a) 0.15 for sales of goods and products, operations with crypto-assets, except for those referred to in subparagraph d), as well as services provided within the scope of catering activities, beverages, hotels, and similar activities, except for those that develop within the scope of operating local accommodation establishments in the form of housing or apartments. (PA 1477 C2 (PS))

b) [...];

ç) [...];

d) 0.95 for income from mining crypto-assets, contracts whose object is the assignment or temporary use of intellectual or industrial property, or the provision of information regarding experience acquired in the industrial, commercial, or scientific sector, income from capital attributable to activities that generate business and professional income, the positive result of property income, the positive balance of capital gains and losses, and other equity increments. (PA 1477 C2 (PS))

–In the case of income arising from operations with crypto-assets, provided for in paragraphs a) and d) of paragraph 1, they are considered obtained at the time of the onerous disposal of the crypto-assets, applying, with the necessary adaptations, the provisions in paragraph 20of article 10. PA 1477 C2 (PS) 18 –Without prejudice to the provisions of the previous number, the following are equivalent to an onerous sale: a)The cessation of activity; b) Loss of status as a resident in Portuguese territory. PA 1477 C2 (PS) PA 1477 C2 (PS) Article 43 2 – The balance referred to in the previous number, regarding the transfers provided for in paragraphs a), c) and d) of paragraph 1 of article 10, positive or negative, is: PA 1326– To determine the positive or negative balance referred to in paragraph 1, regarding operations carried out by residents provided for in paragraphs b), e), f), g) and k) of paragraph 1 of article10.º, losses determined when the counterparty to the operation is subject to a tax regime referred to in paragraph 1 or paragraph 5 of article 63-D of the General Tax Law are not relevant. In the case of crypto assets, alienated ones are those acquired the longest. 7 – For the purposes of subparagraphs d) and g) of the previous number, when the securities or crypto assets are deposited in more than one credit institution, financial company or crypto asset service provider, the rules set forth therein are applicable by reference to each of these entities.

Article 124-A: Declaration of Communication of Operations with Crypto-assets

Natural or legal persons, organizations, and other entities without legal personality that provide custody and management services of crypto-assets on behalf of third parties or manage one or more platforms for crypto-asset trading must communicate to the Tax and Customs Authority, by the end of January of each year, for each taxable person, through an official model, the operations carried out with their intervention, in relation to crypto-assets.

Article 220.º: Transitory Norm on the Subject of Tax on the Income of Natural Persons

For the purposes of paragraph 18 of article 10.º of the IRS Code, the holding period of crypto-assets acquired before the date of entry into force of this law is considered for the purposes of counting the period of detention referred to in that article.

Article 86-B:

e) 0.95 of the income from mining crypto assets, from contracts whose object is the assignment or temporary use of intellectual or industrial property or the provision of information concerning experience gained in the industrial, commercial, or scientific sector, other income from capital, the positive result of property income, the positive balance of capital gains and losses, and other increments of assets. (PA 1477 C4 (PS))

i) 0.15 of income related to crypto assets, excluding those arising from mining, which are not considered income of capital, nor result from the positive balance of capital gains and losses and the remaining equity increments. (PA 1477 C5 (PS))

Crypto-asset service providers, in the operations provided for in item No. 30 of the General Table, are subject to taxation unless they are not domiciled in the national territory. In the latter case, the taxable persons are:

i) Crypto-asset service providers domiciled in the national territory that have intermediated the operations.ii) The representatives who, for this purpose, are compulsorily appointed in Portugal, if the operations have not been intermediated by the entities referred to in the previous subparagraph.

Monetary values and crypto assets deposited in institutions with headquarters, effective management, or permanent establishment in the national territory are also subject to taxation. In the case of deposited monetary or crypto assets:

i) In successions due to death, when the author of the transmission is domiciled in the national territory.ii) In other free transmissions, when the beneficiary is domiciled in the national territory.

In the operations provided for in item No. 30 of the General Table, the tax is due whenever the provider of crypto-active services or the customer of these services is domiciled in the national territory. Domicile, in this context, refers to residence, headquarters, effective direction, subsidiary, branch, or permanent establishment.

Article 63-A:

1 – No natural or legal person may authorize the withdrawal of any deposits of monetary values, shareholdings, securities, bonds, public debt certificates, and crypto-assets that have been entrusted to it, which have constituted the object of a free transmission, by it or in any known way, without showing that the stamp duty on said goods has been paid, or in the event of any exemption, without fulfilling the respective declarative obligation referred to in paragraph 2 of article 26.

Article 14.º-A is added to the Stamp Duty Code with the following wording:

"Article 14.º-A Taxable Value of Crypto-assets

1 – The taxable value of crypto-assets is determined in accordance with the following rules and in the indicated order:a) By the application of specific rules provided for in this Code;b) By the official quotation value, if available;c) By the value declared by the head of a couple or by the beneficiary, which should, as much as possible, approximate the market value.

2 – For the purposes of subparagraph c) of the previous paragraph, when the Tax and Customs Authority reasonably considers that there may be a discrepancy between the declared value and the market value, it has the option of determining the taxable value based on the market value.

30 – Crypto-assets – Commissions and fees charged by or through the intermediation of crypto-asset service providers – 4% on the amount charged."

Article 242: Operations within the Scope of the Legal Regime for Home Loans

Within the scope of the legal regime for home loans and up to the amount of the outstanding capital, the following operations are constituted:

a) Amendment of the period, resulting in tax payable depending on the applicable rate differential;b) Extension of the deadline;c) Signing of a new credit agreement, within the legal regime for mortgage loans, for debt refinancing.

2 – The exemption provided for in the preceding paragraph covers the guarantees provided for the operations mentioned in paragraph c) of the preceding paragraph and in paragraph j) of paragraph 1 of article 7 of the Stamp Duty Code, when, in either case, the stamp duty is the responsibility of the respective borrowers.

3 – The exemptions provided for in the preceding paragraphs apply to tax facts that occurred between November 1, 2022, and December 31, 2023.


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