• Sun, 25 Aug 2019, 10:49 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Brazil imposes new tax reporting requirements for cryptocurrency transactions

Image Credit: www.bitcoinist.com

Mon, 05 Aug 2019, 03:33 am UTC

Brazilian cryptocurrency traders are now required to declare their dealings to tax authorities, according to the newly published guideline by the Department of Federal Revenue of Brazil (RFB).

As per the new policy, transactions that exceed $30,000 Brazilian real ($7,600 USD) need to be reported to tax authorities. The National Treasury said that details of all sorts of operations including the purchase, sale, donation, transfer, withdrawal, and issuance of crypto funds will be submitted to the National Collection via the Virtual Service Center (e-CAC) every last working day of the month. The first register will be done in September for data from August.

Non-compliance to the new rules will result in sanctions. Complete omissions can be fined between 100 and 1,500 reais. Incomplete or inaccurate filings can be penalized from 1.5% to 3% of the total transaction value.

The compulsory provision became effective as of August 1, 2019.

Meanwhile, a report by local media outlet Rio Times noted that the new move follows a worldwide trend in a bid to combat “money laundering, tax evasion, weapons trafficking, and the funding of terrorism.”

As per the Federal Treasury, Brazil has an estimated 800,000 registered investors, which is significantly higher than the Sao Paolo Stock Exchange. Last year, the market traded over $8 billion reais in the country.

Last month, the President of the Chamber of Deputies of Brazil Rodrigo Maia has ordered to organize a special commission to deliver an opinion on a bill that aims to regulate cryptocurrency in the country.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,043.90 (-0.60%)
  • Ethereum (ETH) $186.18 (-2.02%)
  • XRP (XRP) $0.269700 (-0.67%)
  • Bitcoin Cash (BCH) $304.18 (-0.66%)
  • Litecoin (LTC) $72.20 (-1.50%)
  • Bitcoin (BTC) $10,043.90 (-0.60%)
Aug 23, 2019 (Friday)
11:35
Stablecoin project Terra receives funding from HashKey Capital
10:49
Three of the founding members of Libra Association consider backing out: Report
08:55
Overstock's Patrick Byrne steps down as CEO
08:52
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
07:22
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
07:19
BitGo announces support for multi-signature EOS wallet and custody services
06:39
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
06:14
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
05:13
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
05:04
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
03:53
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
13:05
Crypto exchange Coincheck mulls launching IEO Platform
12:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:53
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:42
Sierra Leone launches blockchain-based National Digital Identity Platform
10:43
Blockchain startup Blocko secures $7.4M in Series B+ round from major South Korean financial institutions
09:52
Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA
09:16
Former Zaif exchange owner Tech Bureau to discontinue crypto business after completing customer refunds
08:32
Crypto Technicals: XLM/USD bearish trend intact, hits multi-month lows at 0.06542
07:33
Russian firm ICORating settles $270K fine with SEC for concealing ICO touting payments
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft