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Portugal’s New Draft Budget Proposes 28% Crypto Income Tax

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Today’s Cryptocurrency Headline

The government of Portugal proposed a 28% income tax on cryptocurrencies in its draft 2023 budget released on Monday. The tax only applies to cryptocurrencies owned for less than a year, and gains held for longer than that period remain tax-free. Free cryptocurrency transactions will also be taxed, and a 4% rate will apply to commissions charged by intermediaries. The budget will still need to be discussed and approved within parliament in the coming weeks. Given that the ruling party has an absolute majority, it has the power to decide the issue.

BingX’s Bitcoin Chart

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According to the State of Avalanche Q3 2022 report released by Messari, Avalanche’s network value increased by only 3.3% while its total revenue dropped by 94.1%. Bitcoin is up 0.3% over the last 24 hours and rose to an intraday high of $19,267.11. The largest cryptocurrency continues to trade in a tight range on Tuesday as the investors are now waiting for the release of the latest Consumer Price Index (CPI) inflation data on Thursday. The Crypto Fear and Greed Index shows that the market sentiment is in the extreme fear territory. If the CPI is worse than expected, the BTC/USDT pair could drop into the $18,125 to $17,622 support zone.

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