Brazil Tax Agency Publishes New Tax Code, Fines Taxpayers Who Do Not Declare Cryptocurrency Transactions

Hey ninjas, how’s the trading going? In the last week, some altcoins have reported significant gains an example is MATIC which is up 83% and RVN up 46%. On the day, Bitcoin is trading at $7,537 and is reporting 1.18% gains at press time. Top altcoin Ether is down 0.56% on the day and is trading at $149. 

The Department of Federal Revenue (RFB) has published a new tax code that will fine cryptocurrency users who fail to declare their cryptocurrency transactions. The new tax code is a follow to the provisions made in August by the Department of Federal Revenue requiring that all citizens of Brazil who use cryptocurrencies report all their transactions.

Brazilian crypto users are expected to report all crypto-related activities such as buying, selling, deposits, barters withdrawal and donations, crypto users who fail to file a statement will have to pay a fine ranging from 500 Brazil reals (BRD) to 1500 BRD or from $120 to $360. This tax code applies to individuals, brokerages, and companies. 

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