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The tax authorities of Brazil are obliged to pay tax on income from any trading operation with cryptocurrencies

The Brazilian Federal Reserve has ruled that citizens who trade in digital assets are liable to pay income tax, even if the digital assets are not subsequently converted into fiat money. Additionally, taxes must also be paid from exchange processes.

However, there are small indulgences, for example, procedures exceeding 35 thousand reais are taxed, which is more than seven thousand US dollars. However, the documentation does not specify how the holder of the digital asset should calculate the increase, since no conversion was carried out. Officials say all payments must be made.

“The increase in capital that was achieved when selling digital assets, when a second one is purchased for the cost of one position, is subject to personal income tax. The tax is not paid if the amount of all sales does not exceed 35 thousand reais.”

Official Kim Katagiri is sure that such demands are not legitimate. According to him, the payment of personal income tax implies that profit can be obtained only if it affects exchange processes with currency. If all actions are based on the work of a cryptocurrency with similar positions, capital growth is not observed, since this is simply the replacement of one resource with another

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