Brazil may impose a 15% tax on cryptocurrency income earned by its citizens on overseas exchanges

2023-11-30 10:45:57

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ChainCatcher news, according to the new income tax rules passed by the Brazilian Senate on November 29, citizens may soon be required to pay up to 15% tax on income from cryptocurrency holdings in foreign exchanges.

According to the bill, starting from January 1, 2024, any citizen earning more than $1,200 (6,000 Brazilian Reais) from exchanges outside Brazil will be taxed; income earned before December 31 of this year will continue to be taxed at the current rate of 8%. The bill will also affect "exclusive funds"—that is, investment funds with a single shareholder, as well as foreign companies active in the Brazilian financial market. The government hopes to raise $4 billion (20.3 billion Brazilian Reais) through this measure in 2024.

Currently, the bill has passed in the House of Representatives and is expected to be approved by President Luiz Inácio Lula da Silva.

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