As we approach the end of July, the IRS season closes soon — late submissions can lead to substantial fines. If you still need help, now's the time to get a professional involved. Below is a practical rundown of what happens after you submit, how Finanças communicates amounts due, what crypto filers might be asked to prove, and what we expect for Portugal's crypto tax rules over the next few years.
After You Submit: Timeline & Notifications
File
Submit your IRS 2023 declaration on Portal das Finanças
2–4 weeks
Finanças reviews your declaration
Notice
Physical letter with taxes due + digital copy in the portal
Don't Miss the Deadline
Late filing fines
With the season ending in late July, delayed submissions may trigger fines ranging from €375 to €22,500. Seek support promptly if you're running behind.
Crypto Proofs the Authorities May Request
Because 2023 is the first year that crypto capital gains must be reported, authorities may sample some crypto returns to better understand activity and taxation. Be prepared to provide:
- Screenshots of taxable transactions from exchanges or wallets
- Block explorer records confirming dates and amounts
- Tax software exports (e.g. Koinly) showing gain/loss calculations
- Any documentation proving holding periods for the 365-day exemption
Tip
Keep all evidence organised and ready. If you do receive a request, a clear guided letter explaining what was declared is more effective than simply sending screenshots.
Policy Outlook: 2–3 Years of Stability Likely
After consulting multiple professionals, we expect Portugal's current crypto-friendly framework to remain intact for the next 2–3 years.
Positive signals
- Political parties continue to court digital entrepreneurs
- New government needs time before proposing tax law changes
Bottom line
No immediate rollback of the 365-day exemption or crypto-to-crypto treatment is expected. Plan accordingly.
eBook Update: IRS Crypto Taxation in Portugal 2024
We published the 2024 edition of our eBook with clearer explanations and examples than the 2023 version.
Bought the 2023 edition?
Upgrade to the 2024 edition for free — email your proof of payment and we'll send you the new version.
contact@cryptotaxesportugal.com →What We're Working on for Q3
- Testing leading crypto tax software providers
- Observing how authorities process the first wave of crypto filings
- Developing a Crypto & Taxes AI agent to assist you 24/7
Stay in the Loop
Watch for your letter and portal notice. For ongoing updates on post-filing steps, documentation requests, and policy shifts — follow us and subscribe to the newsletter.