1. What is changing?
xMoney Crypto is transitioning from operating under an Estonian licence to operating under a Portuguese licence.
As a result, the tax treatment applied to our service fees is changing.
Under the Estonian licence, VAT was applied .
Under the Portuguese licence, VAT exempt are applied to our fees.
Instead, Stamp Duty will be charged at a fixed rate of 4% on applicable fees.
2. Why is this change happening?
The change reflects our transition to a Portuguese regulatory framework.
Different jurisdictions have different tax rules applicable to financial services and related fees. Under the Portuguese framework, Stamp Duty applies instead of VAT for this type of service.
3. What is Stamp Duty?
Stamp Duty is a tax applied under Portuguese law to certain financial transactions and service fees.
For our services, Stamp Duty is applied at a fixed rate of 4% on the relevant fee amount.
4. Will VAT still be charged?
No.
We will no longer collect VAT on our service fees under the Portuguese licence.
5. How is Stamp Duty calculated?
Stamp Duty is calculated as:
4% × the applicable service fee
Example:
If the service fee is €100, the Stamp Duty will be €4.
The total charged amount will therefore be €104.
6. Does this apply to all customers?
Stamp Duty applies to the relevant services under the Portuguese licence framework.
Unlike the previous VAT approach (which depended on cross-border registration status), Stamp Duty is applied at a fixed rate in accordance with Portuguese law.
If you have a specific tax setup or regulatory status, we recommend consulting your tax advisor regarding the accounting treatment on your side.
7. Does this affect the base fee?
No.
The underlying service fee remains unchanged.
Only the type of tax applied to that fee is changing.
8. Will invoices look different?
Yes.
Invoices issued under the Portuguese licence will:
VAT exempt.
Show Stamp Duty at 4% applied to the fee.
Clearly separate the fee amount and the Stamp Duty amount.
9. Do I need to take any action?
No action is required from your side.
The updated tax treatment will automatically be reflected in your invoices once the Portuguese licence becomes effective.