Brazilian nationals will be fined for concealing transactions with cryptocurrencies

The Department of Federal revenue of Brazil (RFB) published a new tax code. It specifies penalties for taxpayers who do not declare their transactions with cryptocurrencies. The new laws are a continuation of regulations adopted by the authority in August of this year. We will remind, the latter require Brazilian citizens to report all cryptocurrency transactions in accordance with rules established by normative instruction No. 1888 dated may 2019.

A tax on cryptocurrency

Already entered the tax code applies to natural persons, companies and brokers. It includes all activities related to digital assets, including the purchase, sale, donation, barter, deposits, withdrawals and other actions. Those who do not submit a Declaration about their assets, will be subject to a fine ranging from 120 to 360 dollars.

It is interesting to know how the authorities know who is using cryptocurrency. Most likely, the course will leverage on the exchange. Cooperation with the latter can help to find out information about the citizens who passed the procedure of "know your customer" or KYC. For this, recall that need to be photographed against a suitable document and sheet with the name of the stock exchange and date.

Tax return. Source: Twitter

Tax specialists know that cryptocurrencies in the country is quite popular among investors. In August, officials of the Department said that the users of digital assets in Brazil, more than traders on the local stock exchange B3.

See also: Tax US again for users of the cryptocurrency.

By the way, the RFB is not so good financially. In early September, the Agency reported that by the end of the month he runs out of money. If the Brazilian government does not provide the necessary financial resources as soon as possible, the tax authority will terminate agreements with contractors, will stop issuing individual taxpayer identification numbers and pay income tax refund.

The U.S. internal revenue service. Source: Bitcoinist


Recall that in USA the situation with the punishment of the lovers of crypto-currencies is completely different. For example, in mid-November, the American tax forgiven debt holders of the coins, which have correctly filled out their tax returns and provided all information about their own operations with digital assets. That is, if people honestly reported their scripttrandate and paid the required amount, he received full compensation from the state.

In this case, before the citizens of the countries were waiting for a new surprise: a new Annex No. 1 to the tax laws requires to tell about their interactions with cryptocurrencies. And we are talking about the sale, shipping, exchange or other acquisition of coins. Thus representatives of the IRS (IRS) clearly want to gather more information about the activities of citizens. This season, filing is still a few months — and in the context of recent compensation of debts it looks doubly weird. We have thoroughly analyzed the situation in the country in a separate article.

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