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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. 
The recent approval by the Brazilian Senate of new income tax regulations on crypto earnings marks a shift in the country’s financial landscape. 
This new <a href="https://www.reuters.com/world/americas/brazil-government-tax-income-financial-investments-obtained-abroad-2023-05-01/" data-type="link" data-id="https://www.reuters.com/world/americas/brazil-government-tax-income-financial-investments-obtained-abroad-2023-05-01/" target="_blank" rel="noopener">legislation</a>, 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 cryptocurrency profits earned from foreign exchanges. Set to be effective once 2024 begins, this rule targets individuals earning over $1,200, or 6,000 Brazilian reals, from such platforms. 
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 Notably, earnings withdrawn before the end of 2023 will be taxed at a reduced rate of 8%, increasing to 15% thereafter.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. 
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Senator Rogério Marinho has criticized the bill, attributing it to the government’s mismanagement rather than a structured financial strategy. 
Concurrently, Brazil is witnessing an <a href="https://crypto.news/brazilian-banks-gear-up-for-the-countrys-new-digital-currency/" data-type="link" data-id="https://crypto.news/brazilian-banks-gear-up-for-the-countrys-new-digital-currency/">upsurge</a> in cryptocurrency use, prompting regulatory tightening. In September, the governor of Banco Central do Brazil <a href="https://crypto.news/brazils-central-bank-to-implement-tight-crypto-laws/" data-type="link" data-id="https://crypto.news/brazils-central-bank-to-implement-tight-crypto-laws/">announced plans</a> to enhance cryptocurrency regulations to prevent tax evasion. Earlier, the central bank gained authority over virtual asset service providers, paralleling the Comissão de Valores Mobiliários’ oversight of crypto-based securities. 
 Read more: <a href="https://crypto.news/latin-america-crypto-helps-offset-economic-instability/"> Latin America crypto wave helps offset economic instability </a>

Brazil to implement new tax on foreign crypto earnings in 2024

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