Brazilian lawmakers are advancing legislation to raise taxes on cryptocurrencies held abroad

2023/08/13 11:16

According to Cointelegraph, Brazilian lawmakers are pushing for legislation to increase taxes on cryptocurrencies held overseas. Local reports state that a congressional committee has approved a bill amendment that will classify cryptocurrencies as "financial assets" for the purpose of foreign investment taxation. Additionally, the bill draft proposes taxing profits generated by fluctuations in cryptocurrency prices relative to the Brazilian legal currency and foreign exchange rates. Deputy Senator Merlong Solano stated that the revision aims to promote equal tax treatment, as tax breaks for overseas cryptocurrency investments are currently lower. Under the new regulations, overseas income of up to 6,000 Reais (approximately $1,200 USD) will be tax-free. Income between 6,000 and 50,000 Reais (approximately $10,000 USD) will be subject to a 15% tax rate. Beyond this threshold, a 22.5% tax will be levied.

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