RATE Group | Brazil’s Tax Authority Fines Those Who Fail to Declare Bitcoin and Crypto
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Brazil’s Tax Authority Fines Those Who Fail to Declare Bitcoin and Crypto

06 Dec Brazil’s Tax Authority Fines Those Who Fail to Declare Bitcoin and Crypto

Posted at 22:56h in Bitcoin News by

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Brazil’s tax agency, the Department of Federal Revenue (RFB), published a new tax code that specifies fines for taxpayers who fail to declare their Bitcoin (BTC) and cryptocurrency transactions.

On Dec. 6, Cointelegraph Brasil reported that the new crypto tax code is a further follow-up to provisions made by the RFB in August that require Brazilian citizens to report all transactions involving cryptocurrencies, in accordance with rules established by Normative Instruction 1,888 introduced in May 2019.

The already implemented tax code applies to individuals, companies and brokerages, and includes all crypto-related activities, including buying and selling, as well as donations, barters, deposits, withdrawals and others.

Those who fail to file a statement on their crypto transactions will be subject to penalties ranging from 500 Brazil reals (BRD) to 1500 BRD, or from $120 to $360. 

In August, Cointelegraph reported that RFB believes that the cryptocurrency market in Brazil has more…

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