Brazilian Senate OKs ‘15% Crypto Tax Rate’ Brazilian senators
have voted in favor of a bill that proposes taxing crypto tax profits earned on overseas crypto platforms at a fixed rate of 15%. Per the parliamentary website and a report from
Brazil’s Livecoins, lawmakers “seriously amended” the bill to ensure no loopholes were included. Should the bill become law, users of international crypto exchanges
such as Binance, Coinbase, and Kucoin will need to declare their earnings. The law is slated
to come into force on January 1, 2024. It will require Brazilian crypto investors to declare these gains
“separately from other income and capital gains.” Some more active crypto traders
will breathe a sigh of relief, however. The amended bill replaces
an initial proposal for a “sliding scale”-type structure. Under this proposal,
those earning less than $1,200 from crypto trading on overseas platforms would have been exempt from taxation. But crypto traders earning over
$10,140 per year would have faced tax bills of over 22%.
