Project On Crypto Sphere Taxation Is Developed In Brazil
The Department of Federal Revenue of Brazil (RFB) is looking for an opportunity to obtain monthly information on operations with crypto assets and has already published on its official website a draft document on the procedure for taxation of this sphere.
As follows from the new rules, Brazilian crypto exchanges are required to provide RFB with data on trading with cryptocurrencies every month, including the number of transactions and personal data of users.
The country’s residents, which are companies and individuals, also have to provide information on all transactions excessing ten thousand Brazilian reals ($2700) carried out during a month on foreign trading crypto platforms.
The document establishes a penalty for those ignoring these requirements. For exceeding the deadline for filing tax reports, the guilty will have to pay one and a half thousand reals ($400). If incomplete figures or information containing incorrect data is reported, the amount of the fine will be up to 3% of a transaction conducted. RFB accepts proposals and comments on the draft until November 19, 2018.
According to the explanatory note, such measures are introduced amid the fast development of the crypto industry in Brazil. RFB states that the number of users of cryptocurrency trading platforms already exceeds that of the stock exchange’s customers in Sao Paulo, and the daily amount of money transactions of the five largest crypto exchanges in Brazil is more than 8.3 million reals (about $2.2 million).
As previously reported, the Brazilian Securities Commission allowed funds to invest in crypto assets via foreign platforms.