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When to Declare Bitcoin $BTC and Other Cryptocurrencies on Income Tax

With the expansion of the cryptocurrency market, attention to tax regulations becomes increasingly essential. Since 2019, the Federal Revenue Service has established the obligation to declare these investments, according to the guidelines of Normative Instruction 1.888, which is periodically updated to reflect the transformations in the sector.

For Brazil's Income Tax in 2025, it is necessary to declare any cryptocurrency whose acquisition value is equal to or greater than R$ 5,000. This amount must be calculated individually for each type of asset.

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15% tax
Beto Fernandes, Cryptocurrency Analyst at Foxbit, highlighted that taxation is, in fact, unpalatable for most investors, even more so considering the 15% rate. However, the decision in the medium and long term is a way not only to protect the national product, but also to generate more security for Brazilian investors.

"With different rules, international exchanges, in certain situations, may be more lenient, potentially facilitating tax evasion or some other capital flight action. Based on taxation, the tendency is that Brazilian investors, even operating on foreign platforms, have access to security similar to those already present in Brazil, such as actions against money laundering and, mainly, guaranteeing the balance of assets", he said.

Anthonio Araujo, CEO of Smart Business and AB Advocacia, points out that crypto investors are facing a new tax challenge.

"This change is not just a simple line in the tax code; it is a milestone in Brazil's journey to embrace the digital era, recognizing cryptocurrencies as assets worthy of note on the global stage. But, like all change, it brings with it a dose of uncertainty. Those who once sailed through unknown seas with the freedom of the wind, must now sail with one eye on the horizon and the other on the tributary map", he stated.

"These responses are essential for the taxpayer to choose between operating on foreign exchanges, or carrying out their negotiations in the national market, where capital gains rules apply with exemption for transactions of up to R$35 thousand per month", he pointed out.

Cassio J. Krupinsk, CEO of BlockBr, states that decentralization brought a sense of opportunism, but, with this, it brought attention to any sudden regulatory change that would harm the investor.

"Micro investors will not mind the taxation, but the larger ones will be able to migrate their tax domicile or were already prepared to do so”,

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The lion is coming

Income tax declaration

The Federal Revenue today released rules for making the 2024 declaration.

The rate was increased:

The annual table has been updated. See the new values ​​for this year's declaration, based on last year's income:

Up to R$ 24,511.92 - zero rate, no deduction

From R$ 24,511.93 to R$ 33,919.80 - rate of 7.5%, with deduction of R$ 1,838.39

From R$ 33,919.81 to R$ 45,012.60 - rate of 15%, with deduction of R$ 4,382.38

From R$45,012.61 to R$55,976.16 - rate of 22.5%, with deduction of R$7,758.32

Above R$55,976.16 - rate of 27.5%, with deduction of R$10,557.13

Therefore...

Anyone who receives up to R$ 2,259.20: Will have zero tax rate, without IR deduction

Those who receive from R$ 2,259.21 to R$ 2,826.65: Will have a tax rate of 7.5%, with an income tax deduction portion of R$ 169.44

Those who receive from R$ 2,826.66 to R$ 3,751.05: Will have a tax rate of 15%, with an income tax deduction portion of R$ 381.44

Those who receive from R$ 3,751.06 to R$ 4,664.68: Will have a tax rate of 22.5%, with an income tax deduction portion of R$ 662.77

Above R$4,664.68: Will have a rate of 27.5%, with an income tax deduction portion of R$896.00

The delivery period is from March 15th to May 31st

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$BTC $ETH $BNB

Senate approves 15% tax on Bitcoin and cryptocurrencies on exchanges outside Brazil - measure expected to be valid for 2024.

The Senate approved the proposal that changes the Income Tax on investment funds and income obtained abroad, including the tax on Bitcoin and other cryptocurrencies stored on exchanges outside Brazil. The measure was approved by deputies and senators but still needs to be sanctioned by the president of Brazil, however, as it is a project created by the Executive Branch, it will probably be sanctioned urgently.

Bill 4173/2023 focuses on charging taxes on a series of investments outside the country and proved to be stronger in the taxation of exclusive funds (with few shareholders) and offshores that are maintained by Brazilians abroad. Cryptocurrencies and virtual assets are just one part of this law.

The new rule establishes taxation of up to 15% for cryptocurrencies valued at more than R$6,000, in companies abroad, changing other laws, such as the Civil Code, to tax or increase the rates on exclusive funds and offshore investments. .

Senator Rogério Marinho expressed his opposition to the proposal and commented that the new tax shows the Government's inefficiency in managing the economy. Taxpayers will have the option of updating the value of their assets and rights abroad to market value until December 31, 2023, taxing the difference to the acquisition cost at the definitive rate of 8%.

The proposal does not appear to conflict with current rules and the Federal Revenue Service would continue to provide guidance in this regard. The most important thing about this is that you should look for an expert on the subject, an accountant for example. Only someone who is educated on the subject will be able to tell you how you should pay your taxes.

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