The new rules would make crypto income from exchanges outside Brazil taxable at the same rate as local income.
Brazilians may soon be required to pay up to 15% tax on income derived from cryptocurrencies held on exchanges outside the country after new income tax rules were approved by the Federal Senate of Brazil on Nov.
The bill has already passed in the Chamber of Deputies and is expected to be approved by President Luiz Inácio Lula da Silva, as his administration initiated the income tax rule changes, Cointelegraph Brazil reports.
Under the bill, any Brazilian who earns more than 6,000 Brazilian reals ($1,200) on exchanges based outside Brazil would be subject to the tax, effective Jan. The change makes those funds taxable at the same rate as funds held domestically.
Fortunately, you are misunderstanding this
— BowTiedGlobe | Your Freedom Dealer (@BowTiedGlobe) November 29, 2023
Brazil is not taxing people regardless of residency
What changes with PL 4173/23:
CURRENTLY: Tax-deferral
If you own an offshore company or trust while being a Brazil tax resident, you only pay tax when it distributes profits to… https://t.co/iiG1YyVUr9
The bill also affects “exclusive funds” — investment funds with a single shareholder — and foreign companies active on the Brazilian financial market.
“The government is creating a tax because it is a poor manager.”
Related: OKX launches crypto exchange, wallet services in Brazil
In September, the governor of the Banco Central do Brazil, Roberto Campos Neto, announced plans to tighten regulations on cryptocurrency in connection with a sharp rise in its popularity in the country. At the time, he said he suspected crypto was being used for tax evasion.
from Cointelegraph.com News https://ift.tt/CAcSgG7
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