Finance News
By Dan Saada
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The Portuguese Tax & Customs Authority (PTA) have declared that Portugal is tax-free for transactions involving buying and selling of cryptocurrencies.
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The IRS of the United States has declared a crackdown on the cryptocurrency. However, in Portugal, buying or selling cryptocurrencies will not be subject to capital gain taxes or…
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However, there are exceptions as the receipt of cryptocurrency in exchange for goods or services will not change the tax treatment concerning the original transaction — those who…
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The VAT is a lot similar to sales tax; however, not the same as sales tax. Just like the state and local taxes are imposed, the sales tax is added to the end of a sale of…
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Portugal treats cryptocurrency as a form of currency, therefore, exempting it from VAT and other kinds of capital gains.
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However, not all the European Union (E.U.) countries are in agreement with Portugal. The Portuguese Tributary and Customs Authority cited case law Skatteverker (Administração…
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Different E.U. countries take different positions concerning the taxation of the cryptocurrency forensically tracking back to the source from which it was obtained and how it was…
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Since 2014, The U.S., on the other hand, has continually treated cryptocurrency as a capital asset if it can be converted into fiat.
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Portugal is a tax-friendly destination for those who are willing to buy and sell cryptocurrency. However, U.S. citizens are taxed on their worldwide income, which means U.S.
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Meanwhile, the Arab Bank’s Swiss Armare launching their cryptocurrency services.
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Serge Robin, CEO of Arab Bank (Switzerland), stated: “We firmly believe that blockchain will disrupt the financial industry as we know it and we intend to be amongst the…
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