Portugal Tax Service has clarified the cryptocurrency status and informed that cryptocurrency trading and payments in Bitcoin aren`t subject to value added tax (VAT) – BitcoinDoubler2x has learned.
Portuguese tax and customs clarified the cryptocurrency status for a local mining company. According to the official document, exchange fiat money to cryptocurrency isn`t subject to VAT. What is more, users aren`t to pay Income tax on crypto asset trading.
Portuguese tax service in its statement refers to the European Court judgment of 2015, according to which Bitcoin is recognized as a means of payment and, respectively, it can`t be subject to VAT.