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 <p class="is-style-lead">The Brazilian Senate has approved a new taxation policy, effective Jan. 1, imposing up to a 15% tax on earnings from crypto held in foreign exchanges.</p>
 <p>The recent approval by the Brazilian Senate of new income tax regulations on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="earnings" href="https://thebittimes.com/tag/earnings.html">earnings</a> marks a shift in the country’s financial landscape.</p>
 <p>This new legislation, started by President Luiz Inácio Lula da Silva’s administration, has already passed by the Chamber of Deputies, and mandates a maximum 15% tax on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency profits earned from <a rel="noopener noreferrer nofollow" title="foreign" href="https://thebittimes.com/tag/foreign.html">foreign</a> exchanges. Set to be effective once 2024 begins, this rule targets individuals <a rel="noopener noreferrer nofollow" title="earning" href="https://thebittimes.com/tag/earning.html">earning</a> over $1,200, or 6,000 Brazilian reals, from such platforms.</p>
 <p>A big aspect of this regulation is its uniformity; the tax rate for foreign-held funds aligns with that for domestic funds. Notably, earnings withdrawn before the end of 2023 will be taxed at a reduced rate of 8%, increasing to 15% thereafter. The legislation also encompasses “exclusive funds” and foreign companies in Brazil’s financial sector, aiming to generate about $4 billion — 20.3 billion Brazilian reals — in revenue in 2024.</p>
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 <p>Senator Rogério Marinho has criticized the bill, attributing it to the government’s mismanagement rather than a structured financial strategy.</p>
 <p>Concurrently, Brazil is witnessing an upsurge in <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency use, prompting regulatory tightening. In September, the governor of Banco Central do Brazil announced plans to enhance <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency regulations to prevent tax evasion. Earlier, the central bank gained authority over virtual asset service providers, paralleling the Comissão de Valores Mobiliários’ oversight of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-based securities.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brazil-to-implement-new-tax-on-foreign-crypto-earnings-in-2024-tbt72251.html">https://thebittimes.com/brazil-to-implement-new-tax-on-foreign-crypto-earnings-in-2024-tbt72251.html</a></p>

Brazil to implement new tax on foreign crypto earnings in 2024

TheBitTimes

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