So basically, if you are a long-term holder, you will have to pay taxes for holding a certain amount of Bitcoin if it is in profit since you've bought it after one year is completed. It means that Portugal is taxing long-term holders and short-term traders are exempted from this rule, It's obviously great for day traders as they won't need to pay taxes but we all know that the majority of people hold their Bitcoins for pretty long periods which will make them pay taxes if they are living in Portugal.
I forgot to ask, is the tax only payable if the person sells their assets and doesn't apply if they are just holding them? And what if someone sells their Bitcoins at a loss? Say they bought in January when the price was $29k, and they sold them in December when the price was $27k. So they won't pay taxes in this scenario?
I think you misunderstood joker_josue's example. If you are a long-term holder and you hodl for more than a year, then you are not subject to pay taxes in Portugal, from what I understand. Taking into account that historically nobody was forced to pay taxes on crypto profits in the country, this is bad news for many, but I still think that this is a very reasonable policy, the same as Germany's if I'm not wrong, and the one I would like to be applied in Spain.
On the other hand, losses can be used to get a discount in your present or future taxes.
If you are a long term holder of Bitcoin you do not pay tax!!!
I'll give an example:
Buy 1 BTC in 2020, sell in 2023 = pay no tax.
Buy 1 BTC in Jan/2023, sell in Dec/2023 = pay 28% tax on profit.
Buy 1 BTC in Jan/2023, sell in Dec/2024 = pay no tax.
That is, only the profits obtained from purchases and sales during that calendar year will be accounted for payment.
Another example:
Buy 1 BTC in 2020, and buy 1 BTC in Jan/2023. It sells in Dec/2023 2 BTC. You will only pay tax on the profit you made in 1BTC, the other was purchased more than a year ago, it will not be accounted for.
Did I explain the idea?