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) $8,867.48 (-0.54%)
  • Ethereum (ETH) $169.25 (-1.03%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $365.07 (+5.88%)
  • Bitcoin SV (BSV) $261.48 (-17.23%)
  • Bitcoin (BTC) $8,867.48 (-0.54%)
Jan 17, 2020 (Friday)
13:42
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:42
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:50
Crypto dealer SFOX announces new service for investors and wealth managers
11:10
Binance in talks with TaoTao and Z Corporation for strategic partnerships in Japan
10:09
Crypto Technicals: NEO/USD set to scale new highs, 200-DMA breakout confirms bullish trend
10:08
Crypto exchange Gemini launches own insurance company "Nakamoto"
09:29
eToro, Radar and OKCoin join Coinbase-led Crypto Rating Council
08:55
Huobi joins Blockchain Turkey Platform (BCTR)
08:21
U.S. authorities urged to investigate crypto use in funding domestic terrorism and extremism
07:38
Calibra, Anchorage, Bison Trails executives elected to Libra’s new technical steering committee
07:01
Crypto Technicals: LTC/USD bounces off 5-DMA support, eyes next major hurdle at 200-DMA (65.43)
07:01
U.S. lawmakers seek tax exemption for crypto transactions under $200
06:19
Former CFTC Chair launches Digital Dollar Project in partnership with Accenture
05:56
Crypto Technicals: ETH/USD resumes upside after brief pause, eyes 23.6% Fib at 174.83
04:46
Uzbekistan to launch national mining pool and licensed cryptocurrency exchange
04:27
Crypto Technicals: BTC/USD extends sideways below 200-DMA, bias bullish
04:21
Garanti BBVA conducts real-time blockchain transfers using Takasbank's BiGA Platform
Jan 16, 2020 (Thursday)
13:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:51
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:21
Litecoin Foundation, BlockFi partner to bring more liquidity to users
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft