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Brazilian Congress Proposes Imposing Increased Taxes on Cryptocurrencies

Brazilian Congress Proposes Imposing Increased Taxes on Cryptocurrencies

The Brazilian government is considering legislation that would increase taxes on cryptocurrencies held overseas. The proposed bill recognizes cryptocurrencies as “financial assets” for tax purposes in foreign investments and subjects them to the same tax rules as traditional assets. The legislation aims to promote equal tax treatment, as crypto investments abroad currently receive lower tax breaks. Under the new rules, overseas earnings up to 6,000 Brazilian reais (~$1,200) will be exempt from taxation, while earnings between 6,000 and 50,000 reais (~$10,000) will be subject to a 15% tax rate. Earnings above this threshold will be taxed at 22.5%. The changes will only apply to cryptocurrency exchanges without offices in Brazil. Legal experts suggest that the new rules could make local exchanges a more cost-effective option for investors with gains above the top tax bracket, potentially boosting crypto exchange activity in the country and attracting foreign players to establish offices in Brazil. The bill is set to be voted on by Brazil’s National Congress on August 28, and if approved, the new taxation will take effect in January 2024.

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