The Brazilian Congress plans to impose higher taxes on cryptocurrencies

2023-08-13 08:58:26

Collection

ChianCacther news, according to Cointelegraph, the Brazilian Congress plans to impose higher taxes on cryptocurrencies. A congressional committee has approved an amendment that classifies cryptocurrencies as "financial assets" for tax purposes in foreign investments. Additionally, the draft bill will tax gains from price fluctuations of crypto assets, as well as exchange rate fluctuations with the Brazilian currency. According to Congressman Merlong Solano, this revision aims to promote tax equity, as overseas cryptocurrency investments currently enjoy lower tax benefits.

Under the new regulations, overseas income up to 6,000 Brazilian Reais (approximately 1,200 USD) will be tax-exempt. Income between 6,000 and 50,000 Reais (approximately 10,000 USD) will be subject to a 15% tax rate, and income exceeding this threshold will be taxed at 22.5%.

(Source Link)

Related tags

Brazil tax collection

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.