Brazil Imposes 15% Tax on Crypto Held on Foreign Exchanges
As per the new income tax regulation in Brazil by the Brazilian Senate, crypto traders must pay up to a 15% tax on earnings from cryptocurrencies held on foreign exchanges
The bill has already been approved by the Chamber of Deputies, and President Luiz Inácio Lula da Silva is expected to approve it soon
Starting January 1, 2024, Brazilian crypto traders earning over $1,200 from foreign-based exchanges will pay a 15% tax
All funds on international exchanges will be taxed similarly to domestically held funds
In addition, earnings accessed before December 31, 2023, will be taxed at 8%
The Brazilian government aims to collect $4 billion in taxes in 2024.