🔨 Brazil's Tax Authority Fines Those Who Fail to Declare Bitcoin and Crypto

[crypto xxx7 17]

Brazil's tax agency, the Department of Federal Revenue has published a new tax code that fines taxpayers who fail to declare their crypto transactions.

 

This bill is follow-up to a previous provision that require Brazilian citizens to report all transactions involving cryptocurrencies back in May.

 

Those who fail to file a statement on their crypto transactions will be subject to penalties ranging from $120 to $360.

[Migo 7946]

Thanks for sharing this informations, I think this is very strict from the Brazilian government, and because the expansion of bitcoin area and he is used by people with large quantities 

[Sumayya 493]

That is the work for tax, they will be charge for each transaction, how will they be know that they made a transaction, no tracking

[Anil22 1]

In other news, Brazil has released a new tax code that includes regulation that will fine anyone who does not declare their bitcoin and other crypto transactions. ... In addition, the head of the Federation of Industries of the State of São Paulo also voiced concerns that Brazilians could start using crypto to evade taxes

[alexisfuentes 2130]

21 hours ago, crypto xxx7 said:

Brazil's tax agency, the Department of Federal Revenue has published a new tax code that fines taxpayers who fail to declare their crypto transactions.

 

This bill is follow-up to a previous provision that require Brazilian citizens to report all transactions involving cryptocurrencies back in May.

 

Those who fail to file a statement on their crypto transactions will be subject to penalties ranging from $120 to $360.

Hi, welcome!

You can place the source of your OP, that is give more value to your comment. Ty.

 

Indeed, Brazil in recent months regulates law that requieres Exchanges registered in Brazil that must provide information on all registered Brazilians to know their financial statements.

https://cointelegraph.com/news/brazils-tax-authority-fines-those-who-fail-to-declare-bitcoin-and-crypto

 

 

 

 

 

 

 

[duncun007 3577]

21 hours ago, crypto xxx7 said:

Brazil's tax agency, the Department of Federal Revenue has published a new tax code that fines taxpayers who fail to declare their crypto transactions.

 

This bill is follow-up to a previous provision that require Brazilian citizens to report all transactions involving cryptocurrencies back in May.

 

Those who fail to file a statement on their crypto transactions will be subject to penalties ranging from $120 to $360.

 

lol its always funny when the government doesnt want to accept crypto or bitcoin at all and think its a fraud or a scam but if someone is using it he must be taxed? what a joke.

[Afrizal rahman 2636]

Brazil is very strict with regulations, the Brazilian government has made this because there are so many users there. I am very grateful because you provided this information. Good luck.

[bentayebsalah 2280]

Brazil is a country that supports cryptocurrencies and for this it has to put some fees on it in order for the government to benefit from this

[Crypto123 0]

Although these penalties are not good on the one hand, but on the other hand, it is good that this is recognition by the Brazilian government of cryptocurrencies and this is a good thing in itself, and it is also good that matters related to coding are legally regulated by the government.

[Maxtron73 3269]

Thanks for sharing this information. This gives us a general idea of how other countries react to cryptocurrencies and how they plan to regulate the sector. Every state or country will have their own way of recognizing crypyo differently.

[Opinder 1310]

On 12/10/2019 at 12:16 PM, crypto xxx7 said:

Brazil's tax agency, the Department of Federal Revenue has published a new tax code that fines taxpayers who fail to declare their crypto transactions.

 

This bill is follow-up to a previous provision that require Brazilian citizens to report all transactions involving cryptocurrencies back in May.

 

Those who fail to file a statement on their crypto transactions will be subject to penalties ranging from $120 to $360.

This news showing the success of crypto in Brazil indirectly. If government is interested to collect tax from crypto holders then government is ready to legalized it in the country. Because it has become the income of government.

On 12/10/2019 at 12:16 PM, crypto xxx7 said:

Brazil's tax agency, the Department of Federal Revenue has published a new tax code that fines taxpayers who fail to declare their crypto transactions.

 

This bill is follow-up to a previous provision that require Brazilian citizens to report all transactions involving cryptocurrencies back in May.

 

Those who fail to file a statement on their crypto transactions will be subject to penalties ranging from $120 to $360.

This news showing the success of crypto in Brazil indirectly. If government is interested to collect tax from crypto holders then government is ready to legalized it in the country. Because it has become the income of government.

[Amirul Islam 382]

On 12/10/2019 at 12:46 PM, crypto xxx7 said:

Brazil's tax agency, the Department of Federal Revenue has published a new tax code that fines taxpayers who fail to declare their crypto transactions.

 

This bill is follow-up to a previous provision that require Brazilian citizens to report all transactions involving cryptocurrencies back in May.

 

Those who fail to file a statement on their crypto transactions will be subject to penalties ranging from $120 to $360.

Every government should take tax from crypto holder. Maximum people of the crypto field want it. Because it can make a regulation of crypto. After that any government can easily get tax from holders.

[Dmasked 1840]

Including cryptocurrency transactions in tax calculation is a good initiative by Brazil. If cryptocurrency transactions are incorporated with tax rates then it would be easier to adopt and implement it as a means of payment in other countries.

[bliznec 22267]

Yes, most likely this is the case that the Brazilian tax authority fines users who do not pay taxes on cryptocurrencies. This is a little sad news. 

[Captain Karim 0]

The entire cryptocurrency community hopes that cryptocurrencies will be legalized, but without limiting their advantages and converting them from decentralization to centralization. Taxation will eliminate the advantage of anonymity and privacy in transactions.

[BTC Future 3946]

Imagine having to report to tax authorities all transactions that you've ever made on the Ethereum chain, if you are a bounty hunter. You will have to spent days to list them while 99% of them will be worth less than a cent. Some times laws can be ridiculous this way. Imagine getting taxed everytime you opened your wallet and put your national currency fiat cash out into your pocket. These are laws made quickly by ignorant law-makers without a clue on the subject they legislate.

[Thekingcallme 1975]

But how will the Brazilian authorities be able to discover who is dealing with cryptocurrencies being decentralized and I think it will be a difficult task

[CryptoMaxim 3829]

Thanks for the post. After this post, you should ask about the tax service and their attitude to cryptocurrency in order to be informed in advance and not pay fines if they are in our country.

[magd 5231]

One of the most important reasons why many countries, including Brazil, to refuse cryptocurrencies is the fear of non-payment of taxes by workers in this field, but Brazil issued a special statement to coders that they must make a license before starting and thus they will pay taxes

[Lover840 0]

On 12/10/2019 at 12:16 PM, crypto xxx7 said:

Brazil's tax agency, the Department of Federal Revenue has published a new tax code that fines taxpayers who fail to declare their crypto transactions.

 

This bill is follow-up to a previous provision that require Brazilian citizens to report all transactions involving cryptocurrencies back in May.

 

Those who fail to file a statement on their crypto transactions will be subject to penalties ranging from $120 to $360.

Woah this is a very strict move from the brazilian government. Well we should be honest and provide imposed tax on our earnings as per the government regulations to avoid more problems. 

[Shahud 1319]

most of thr counties are not acveoting bitcoin and crypto because of not getting payment taxes by the crypto users.and hence once they find any crypti user they apply penalty over the same person

[tienda 8776]

I think if a such country adopt or regularize cryptocurrency on their countries, so if this government fix or obligate their people to pay the tax is normal, I think all cryptocurrency users want that cryptocurrency will be regularized on their country and they will pay the tax. I dont agree if the cryptocurrency is not regularized or adopted and the government obligate to pay the tax! why!

[Zues 1069]

On 12/10/2019 at 2:46 PM, crypto xxx7 said:

Brazil's tax agency, the Department of Federal Revenue has published a new tax code that fines taxpayers who fail to declare their crypto transactions.

 

This bill is follow-up to a previous provision that require Brazilian citizens to report all transactions involving cryptocurrencies back in May.

 

Those who fail to file a statement on their crypto transactions will be subject to penalties ranging from $120 to $360.

Thanks for sharing this information. I think that brazilian authorities are very strict when it comes to their revenues and economy so they want to make sure of every transaction that were made by the citizens. 

[Shaza Ahmad 1682]

The penalties are great, perhaps some investors have not made a profit equal to $ 360 until this penalty is imposed against them, I do not think so fair, it is better to start again and pardon all of the past.

[Rezort 846]

It is actually so illogical that brazil tax authority fines these people but also cryptocurrency is not legalized fully in this country, so they might be rebuild their politics.