1 - Point taken. I should've explained myself better.
4 - Exactly. They are always eager to take taxes, even when they don't have a clue where they are coming from!
7 - When that time comes, I'll abide to the law as I always have and always will. But for now, there is nothing they can do.
Topic: Ola... any crypto-aware accountants who can assist? - page 2. (Read 1644 times)
1 - I don't have to explain my profits when they are obtained via a non-regulated mechanism.
Well... selling drugs isn't also regulated and lot of people obtain profits from it. Never the less, although this is one activity deemed illegal, people DO HAVE to explain from where the money came from precisely to prove they didn't obtained it from illicit activities nor from tax evasion.
4 - It's up to them to prove that I'm evading taxes. And I dare them to do that! Where is it written that selling ETH obtained via mining is subject to any taxes?
Digital mining no, not yet. It isn't yet subject to taxation as actual mining. Give them some months and I bet you'll need a license to mine!! Remind you of the leaches sitting in the government (Béééhhhh)!!
7 - Crypto currencies are not regulated, hence one cannot be accused of breaking the law by tax evasion. I pay all my taxes!
It's not the mining or the digital asset they want to tax. They want to tax the money you made from it. Although they don't do it yet, they might. Specially if some bank, exchange or any other third party tips them on the cash you made.
The law is completely absent when it comes to anything crypto related.
Buying and selling BTC is not regulated in Portuguese law, therefore we don't have to pay anything.
If this is a crime, show me the law I'm breaking will you? Please?
Buying and selling BTC is not regulated in Portuguese law, therefore we don't have to pay anything.
If this is a crime, show me the law I'm breaking will you? Please?
How do you explain your profits to the fiscal authorities then (especially if they are big)? They might think you stole, or got them througth other illegal activities.
I think you are making a mistake, you should be careful and honest when it comes to taxes.
1 - I don't have to explain my profits when they are obtained via a non-regulated mechanism.
2 - I'm not doing anything illegal!
3 - I'm a miner and a staker! These activities don't fall under any local legislation. I mine at my own expenses, purchasing very expensive equipment, paying huge electrical bills. Then I sell my coins. I don't have to pay taxes on this!
4 - It's up to them to prove that I'm evading taxes. And I dare them to do that! Where is it written that selling ETH obtained via mining is subject to any taxes?
5 - Similar principles apply to crypto trading because all other trading is very well regulated, bonds, stocks, derivatives, etc, etc.
6 - Where does crypto fit in? Is it a currency? A bond? A stock? A commodity? Where is it defined?
7 - Crypto currencies are not regulated, hence one cannot be accused of breaking the law by tax evasion. I pay all my taxes!
I'm an honest citizen and you should be more careful before accusing people you don't know. Particularly when you don't even know waht you are talking about!
Stop spreading false information! Stop frightening people with your ignorance! And stop judging others!
Hi Jim,
you are supposed to declare whatever earnings in euros you got from crypto trades in annex g section 13001, or as "rendimentos obtidos no estrangeiro" if all the trades were done abroad. Either way the tax is the same.
you are supposed to declare whatever earnings in euros you got from crypto trades in annex g section 13001, or as "rendimentos obtidos no estrangeiro" if all the trades were done abroad. Either way the tax is the same.
I'm sorry, but where exactly did you see that?
I'm thinking of getting into crypto trading, but i also want to be sure i'm doing the "proper taxes".
The law is completely absent when it comes to anything crypto related.
Buying and selling BTC is not regulated in Portuguese law, therefore we don't have to pay anything.
If this is a crime, show me the law I'm breaking will you? Please?
Buying and selling BTC is not regulated in Portuguese law, therefore we don't have to pay anything.
If this is a crime, show me the law I'm breaking will you? Please?
How do you explain your profits to the fiscal authorities then (especially if they are big)? They might think you stole, or got them througth other illegal activities.
I think you are making a mistake, you should be careful and honest when it comes to taxes.
I assumed the taxation would be the same for crypto as if you're trading stocks in Portugal, cryptos would probably be considered assets that you trade, so any profits made would have the same taxation as any profits you make while trading stocks.
PS: i don't know alot about accounting or the law in this area nor have i traded cryptos before (yet), it just seems to make sense to me that they would be subjected to the same taxation as stock trading.
I think that there is not any law regulating cryptos or that there are any official government instructions relating to crypto taxation, better to consult a lawyer or an accountant.
PS: i don't know alot about accounting or the law in this area nor have i traded cryptos before (yet), it just seems to make sense to me that they would be subjected to the same taxation as stock trading.
I think that there is not any law regulating cryptos or that there are any official government instructions relating to crypto taxation, better to consult a lawyer or an accountant.
Hi Jim,
you are supposed to declare whatever earnings in euros you got from crypto trades in annex g section 13001, or as "rendimentos obtidos no estrangeiro" if all the trades were done abroad. Either way the tax is the same.
you are supposed to declare whatever earnings in euros you got from crypto trades in annex g section 13001, or as "rendimentos obtidos no estrangeiro" if all the trades were done abroad. Either way the tax is the same.
I strongly disagree with this statement. Portuguese law doesn't have a single word about crypto currencies, exchanges, mining, trading, nothing!
Section G, Rendimentos obtidos no estrangeiro, refers to work done abroad, not to crypto trading!
The law is completely absent when it comes to anything crypto related.
Buying and selling BTC is not regulated in Portuguese law, therefore we don't have to pay anything.
If this is a crime, show me the law I'm breaking will you? Please?
Hi,
I'm also a foreigner asking myself this kind of questions.
If this is considered as revenue obtained abroad, would it be exempted in case of someone benefiting from the non-habitual resident program (NHR)?
Do you know a good lawyer in Portugal (preferably Lisbon) who would be able to assist for those issues?
I'm also a foreigner asking myself this kind of questions.
If this is considered as revenue obtained abroad, would it be exempted in case of someone benefiting from the non-habitual resident program (NHR)?
Do you know a good lawyer in Portugal (preferably Lisbon) who would be able to assist for those issues?
In my interpretation of the law, as crypto is not officially considered money what will be taxed is the surplus you have in Fiat. As Riclas said what would be taxed is the diference between the fiat you used to aquire the crypto and the fiat you got from selling considering it was a profit.
the crypto-crypto trades wont be considered IMO and interpretation of the law.
the crypto-crypto trades wont be considered IMO and interpretation of the law.
The exchanges themselves are not important. the important part is what you got into your bank account in Euros versus what you got out of it. The surplus is the reportable part.
Right. The next question is probably more important.... do I need to declare crypto-crypto trades? Or just fiat-crypto and crypto-fiat trades?
Not sure if you know that level of detail.
Thanks
The exchanges themselves are not important. the important part is what you got into your bank account in Euros versus what you got out of it. The surplus is the reportable part.
Thanks, riclas,
Could you elaborate on 'All the trades were done abroad', please?
I was in Portugal, at the time of the trades, if that is what you mean. But the fiat/crypto exchanges were not in Euros. If I convert using daily rates, is that acceptable?
Could you elaborate on 'All the trades were done abroad', please?
I was in Portugal, at the time of the trades, if that is what you mean. But the fiat/crypto exchanges were not in Euros. If I convert using daily rates, is that acceptable?
Hi Jim,
you are supposed to declare whatever earnings in euros you got from crypto trades in annex g section 13001, or as "rendimentos obtidos no estrangeiro" if all the trades were done abroad. Either way the tax is the same.
you are supposed to declare whatever earnings in euros you got from crypto trades in annex g section 13001, or as "rendimentos obtidos no estrangeiro" if all the trades were done abroad. Either way the tax is the same.
Ola, boa tarde,
Are there any English-speaking accountants who know how to declare some crypto exchanges for tax purposes? I would like some help with my self-assessment tax-return which is due for filing soon, in Portugal.
Obrigado,
Jim
Are there any English-speaking accountants who know how to declare some crypto exchanges for tax purposes? I would like some help with my self-assessment tax-return which is due for filing soon, in Portugal.
Obrigado,
Jim
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