What changed with the 2023 State Budget
Lei n.º 24-D/2022 (Orçamento do Estado para 2023) added crypto assets to the Personal Income Tax code. Gains from selling crypto held for less than 365 days are taxed at 28%, like other capital gains; gains on crypto held for 365 days or more are excluded. The law also prescribes FIFO for identifying which units were sold.
Exchanging one crypto asset for another is not taxed at the time of the swap: the acquisition value and date of the coin you gave up carry over to the coin you received. Tax arises when you sell for euros or another fiat currency, or pay for goods with crypto. In this calculator, enter only those taxable sales; for a coin received in a swap, use the original purchase date and cost.
Exempt or 28%: the holding test
The test counts days between acquisition and sale: 365 days or more means the gain is excluded. The per-sale table shows the days held for every matched lot and labels it exempt or 28%. Losses on short holdings reduce short gains of the same year; if the year ends with a net loss, it can be carried forward only if you choose to aggregate the income (englobamento), which the calculator does not model.
The exemption does not apply if you are resident in, or the counterparty is in, a jurisdiction on Portugal's list of privileged tax regimes, and professional trading is taxed as business income under Category B. Neither case is modelled here.
gain per lot = sale price − (purchase price + fees)
exempt = lots held ≥ 365 days
tax = max(0, net gain of lots held < 365 days) × 28%Sources and what is simplified
Lei n.º 24-D/2022 at diariodarepublica.pt and the Código do IRS (articles 10 and 72) on info.portaldasfinancas.gov.pt.
- One coin per calculation and FIFO across the list.
- The englobamento option (adding gains to other income at progressive rates) is mentioned but not calculated.
- Staking, mining and income received in crypto are taxed under other categories and are not included.
Frequently asked questions
+Is crypto tax-free in Portugal?
Gains on crypto held for 365 days or more are excluded from tax. Gains on crypto held for less than 365 days are taxed at 28% from 2023.
+Is swapping one crypto for another taxed in Portugal?
No, a crypto-to-crypto exchange is not taxed at the time; the original purchase value and date carry over to the new coin.
+Which lots are sold first?
Portuguese law uses FIFO: the earliest units acquired are treated as the first ones sold.
+Can I offset losses?
Short-term losses reduce short-term gains of the same year. Carrying a net loss forward requires opting for englobamento.
Calculations run entirely in your browser; nothing you type is sent to KOT.CASH. Results are estimates for information only and are not financial, tax or legal advice.