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<a href="https://bitcoinworld.co.in/brazil-to-impose-15-crypto-tax-on-overseas-crypto-exchanges-starting-in-2024/" title="Brazil To Impose 15% Crypto Tax On Overseas Crypto Exchanges Starting In 2024" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">The Senate of Brazil approves 15% maximum crypto tax on crypto earnings from foreign exchanges, effective January 1, 2024.</li>
 <li style="font-weight: 400">Brazil’s new tax rules equate rates for crypto funds on international exchanges with those held domestically.</li>
 <li style="font-weight: 400">Thailand plans to tax foreign income from cryptocurrency trading to support its economic stimulus measures.</li>
</ul>
The Senate of Brazil has approved new income tax regulations on cryptocurrency, imposing a 15% tax on cryptocurrency earnings from foreign exchanges.
This decision, effective from January 1, 2024, signifies a pivotal shift in Brazil’s approach to crypto taxation. This aligns with global trends towards regulating digital assets.
The <a href="https://finance.yahoo.com/news/brazil-approves-income-tax-rules-045849990.html" rel="noopener noreferrer nofollow">bill</a>, which has passed through both the Brazilian Senate and the Chamber of Deputies, awaits President Luiz Inácio Lula da Silva’s endorsement.&nbsp;
This legislative change, spearheaded by his administration, reflects Brazil’s growing recognition of the economic significance of cryptocurrencies.
Brazilians earning over $1,200 (6,000 Brazilian reals) annually from foreign-based crypto exchanges will be impacted. Notably, this tax rate is consistent with that applied to domestically held funds.&nbsp;
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However, a transitional tax rate of 8% is set for earnings accessed before December 31, 2023. This will escalate to the full 15% thereafter.
This legislation extends its reach beyond individual investors, affecting “exclusive funds” (investment funds with a single shareholder) and foreign companies active in Brazil’s financial sector.&nbsp;
With a revenue target of $4 billion (20.3 billion Brazilian reals) set for 2024, this move underscores the government’s commitment to leveraging the crypto market for economic advancement.
Senator Rogério Marinho expressed criticism of the new tax, attributing it to the government’s mismanagement.&nbsp;
Despite this, the Brazilian central bank has ramped up regulation of virtual asset service providers. This echoes the Comissão de Valores Mobiliários’ oversight of crypto-based securities.
This regulatory tightening is in response to the escalating popularity of cryptocurrencies and concerns over potential tax evasion.
The post <a href="https://bitcoinworld.co.in/brazil-to-impose-15-crypto-tax-on-overseas-crypto-exchanges-starting-in-2024/" rel="noopener noreferrer nofollow">Brazil To Impose 15% Crypto Tax On Overseas Crypto Exchanges Starting In 2024</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Brazil To Impose 15% Crypto Tax On Overseas Crypto Exchanges Starting In 2024

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