Cryptos declared as taxable in Brazil

Brazil South America Taxes

Brazilian Revenue Service, the country’s authority has declared that cryptocurrencies are taxable and their holders must file capital gains on their tax returns.

These capital gains must be filed like any other security and tax is applicable for holders of cryptocurrencies valued at 1,000 Brazilian real (450 USD) or more. Those who hold R$35,000 and more in cryptos are required to pay a 15% capital gain charge.

However, the Chief of Tax and Customs at the Brazilian Revenue Service, Claudemir Malaquias noted that monitoring of cryptocurrency transactions is an issue.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

Leave a Comment

Coinlaw Newsletter

Whether you are a law firm, founder gearing-up for a token offering, or a crypto currency trader, subscribe to the biggest crypto legal newsletter to be informed of the latest developments in each and every jurisdiction