## [Gains on sales of bitcoins are not taxed under Portuguese tax law](/en_GB/new/gains-sales-bitcoins-are-not-taxed-under-portuguese-tax-law)
# Gains on sales of bitcoins are not taxed under Portuguese tax law
Portugal - 02 / 13 / 2018
Tax Portugal Newsletter - January 2018
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**The Portuguese tax agency has ruled that gains on sales of cryptocurrencies (e.g. bitcoins) are taxed in Portugal only if these transactions are performed on a regular basis and therefore constitute a professional or business activity by the taxpayer. In this case, the gains would be included in category B of the personal income tax (*Impuesto sobre la Renta de las Personas Singulares* or "IRS").**
According to the tax agency, although these kinds of gains could in theory fall within categories G (capital gains) and E (income from capital), this does not ring true given that virtual currencies are not a financial derivative product or a transferable security, nor do they derive from a mere investment of money.
This ruling was issued under binding ruling process no. 5717/2015, within which clarifications were requested on the treatment of this kind of income for personal income tax purposes.
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