brazil btc tax
Brazil To Fine Taxpayers Failing To Declare BTC And Crypto Transactions
December 7, 2019
brazil btc tax
Brazil To Fine Taxpayers Failing To Declare BTC And Crypto Transactions
December 7, 2019

Tax agency of Brazil- The Department of Federal Revenue (RFB) published a new tax code specifying on fines for taxpayers who fail to declare their Bitcoin (BTC) and cryptocurrency transactions.

On Dec. 6 Cointelegraph Brasil reported that the new crypto tax code is a follow-up to provisions made by the RFB in August that require Brazilian citizens to report all transactions involving cryptocurrencies, in accordance with rules established by Normative Instruction 1,888 introduced in May 2019.

The already implemented tax code applies to:

  • Individuals
  • Companies
  • Brokerages

And includes all crypto-related activities such as:

  • Buying and selling
  • Donations
  • Barters
  • Deposits
  • Withdrawals and others.

Penalties On Failing To Filing Statement On Crypto Transaction

Those who fail to file a statement on their crypto transactions will be subject to penalties ranging from 500 Brazil reals (BRD) to 1500 BRD, or from $120 to $360. 

Cryptocurrency exchanges also risked being affected, as the requirement that they report all user data and transactions involves the use of an RFB system. However, if the system shuts down, crypto exchanges would simultaneously be legally compelled but unable to comply with data reporting requirements.

ALSO READ :  Cryptobuyer's Alliance With Mega Soft To Drive Crypto Adoption Among Venezuela Enterprises

Source: Cointelegraph Brasil
Image: India Filings | Altcoin Buzz


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Quidax Reports More Than $3.2 Billion In Transactions

Quidax Reports More Than $3.2 Billion In Transactions

Quidax, the Nigerian cryptocurrency exchange, has reported more than $3.2 billion in transactions, underscoring the rapid adoption of digital assets in Africa’s largest economy. It has been reported that Quidax, since...

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.