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Higher taxes on cryptocurrencies proposed by Brazil's Congress

Higher taxes on cryptocurrencies proposed by Brazil’s Congress

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. It aims to promote equal tax treatment by subjecting crypto investments abroad to the same tax rules as traditional assets. 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 legislation only applies to cryptocurrency exchanges without offices in Brazil. If approved, the new taxation will take effect in January 2024. This move could make local exchanges a more cost-effective option for investors with high gains, potentially attracting foreign players to establish offices in the country. The bill will be voted on by Brazil’s Congress on August 28.

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