Tax agency of Brazil- The Department of Federal Revenue (RFB) published a new tax code specifying on fines for taxpayers who fail to declare their Bitcoin (BTC) and cryptocurrency transactions.
On Dec. 6 Cointelegraph Brasil reported that the new crypto tax code is a follow-up to provisions made by the RFB in August that require Brazilian citizens to report all transactions involving cryptocurrencies, in accordance with rules established by Normative Instruction 1,888 introduced in May 2019.
The already implemented tax code applies to:
Individuals
Companies
Brokerages
And includes all crypto-related activities such as:
Buying and selling
Donations
Barters
Deposits
Withdrawals and others.
Penalties On Failing To Filing Statement On Crypto Transaction
Those who fail to file a statement on their crypto transactions will be subject to penalties ranging from 500 Brazil reals (BRD) to 1500 BRD, or from $120 to $360.
<img width="1000" height="667" src="https://www.cryptonewspoint.com/wp-content/uploads/2019/12/Penalty-for-Late-Filing-of-Income-Tax-Return.jpg" alt="" class="wp-image-6750 lazyload" />
Cryptocurrency exchanges also risked being affected, as the requirement that they report all user data and transactions involves the use of an RFB system. However, if the system shuts down, crypto exchanges would simultaneously be legally compelled but unable to comply with data reporting requirements.
Source: Cointelegraph Brasil Image: India Filings | Altcoin Buzz
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