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Brazil to implement new tax on foreign crypto earnings in 2024

Crypto News
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The Brazilian Senate greenlit a novel taxation policy, slated for implementation on January 1, that imposes a maximum 15% tax on profits derived from cryptocurrencies held in foreign exchanges.

This recent endorsement of fresh income tax guidelines for crypto gains by the Brazilian Senate signals a notable transformation in the nation’s financial landscape.

Proposed during the tenure of President Luiz Inácio Lula da Silva’s administration, this legislation has successfully navigated the Chamber of Deputies. It mandates a cap of 15% on cryptocurrency gains accrued from foreign exchanges, set to become effective at the onset of 2024. The regulation specifically targets individuals earning more than $1,200 or 6,000 Brazilian reals from such platforms.

A noteworthy feature of this regulation is its consistency; the tax rate for funds held abroad aligns with that for domestic funds. Importantly, profits withdrawn before the conclusion of 2023 will incur a reduced tax rate of 8%, escalating to 15% thereafter. The legislation also encompasses “exclusive funds” and foreign companies within Brazil’s financial sector, with the aim of generating approximately $4 billion, equivalent to 20.3 billion Brazilian reals, in revenue in 2024.

Senator Rogério Marinho has voiced criticism against the bill, attributing it to governmental mismanagement rather than a well-structured financial strategy.

Simultaneously, Brazil is experiencing a surge in cryptocurrency adoption, prompting a tightening of regulatory measures. In September, the governor of Banco Central do Brazil revealed plans to enhance cryptocurrency regulations to counteract tax evasion. Preceding this, the central bank gained authority over virtual asset service providers, mirroring the oversight of crypto-based securities by the Comissão de Valores Mobiliários.

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