Brazil’s Congress Plans Higher Taxes on Overseas Cryptocurrency Holdings 🇧🇷
Brazil's #Congress is considering legislation to increase taxes on cryptocurrencies held abroad.
A committee has approved amendments treating cryptocurrencies as 'financial assets' for tax purposes in foreign investments. The bill aims to provide equitable tax treatment, addressing the current lower tax rates for overseas crypto investments.
The proposed #tax rates include: no tax on earnings up to $1,200, 15% tax on earnings between $1,200 and $10,000, and 22.5% tax above that.
The changes would apply to exchanges without #Brazilian offices. This might encourage investors to use local exchanges, boost national crypto activity, and attract foreign exchanges.
