RATE Group | Brazilians Now Must Declare Cryptocurrency Gains to Brazil’s IRS Every Month
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Brazilians Now Must Declare Cryptocurrency Gains to Brazil’s IRS Every Month

04 Aug Brazilians Now Must Declare Cryptocurrency Gains to Brazil’s IRS Every Month

Posted at 12:44h in Cryptocurrency News by

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Brazil cryptocurrency digital coins

The Brazilian government recently passed a new law, compelling every citizen to declare his or her crypto transactions at the end of every month. The law, which took effect on August 1, is aimed at curbing criminal acts in the crypto sphere including money laundering, trafficking, and tax evasion.

According to a major news outlet in Brazil, Agencia Brasil, citizens of Brazil must report their crypto transactions and holdings to the country’s IRS before the last day of the following month. That is, all crypto gains made in August must be reported on or before the last business day in September.

The new law, filed in Normative Instruction RFB 1888/20119, urges everyone who deals with virtual assets including private users, crypto exchanges, brokerage firms and what have you, to give a complete report of all the crypto transactions that were made the preceding month. This includes virtual assets bought, exchanged, held, bartered, sold, donated, transferred, etc. Virtually everything…

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