Be careful with the Lion, he can get you!!!
The new Federal Revenue rules regarding the declaration and payment of income tax on transactions with cryptocurrencies have come into force in 2024. The Federal Revenue has intensified inspection of Bitcoin and cryptocurrencies, identifying more than 25 thousand taxpayers in an irregular situation. The new rules distinguish between investors who operate through national and foreign exchanges.
For investors who trade through national exchanges, the rules remain basically the same, with the obligation to declare income tax for those who have more than 5 thousand reais in cryptocurrencies on the last day of the current year. There is tax exemption on the sale of up to 35 thousand reais in the same month on national exchanges, but there is no compensation for losses.
For investors operating through foreign exchanges, the tax exemption does not apply, with profits from any amount sold being taxed at 15%. However, there is the advantage of offsetting losses in profits, making it possible to reduce the tax to be paid.
In general, investing through national exchanges is more advantageous for those who intend to hold cryptocurrency in the long term and for those with less capital, due to the tax exemption on sales of up to 35 thousand reais per month. Foreign exchanges are more beneficial for traders and large investors, as they allow the compensation of losses in profits and the maintenance of a single rate of 15% regardless of the value traded.
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