PANews reported on November 18th, citing Reuters, that Brazil is considering taxing international payments using cryptocurrencies to close a loophole in the country's taxation of regular foreign exchange transactions. Sources indicate that the Brazilian Ministry of Finance is considering expanding its Financial Transaction Tax (IOF) to include certain cross-border transfers using virtual assets and stablecoins that were classified as foreign exchange operations by the central bank this month. Currently, cryptocurrency transactions are exempt from the Financial Transaction Tax (IOF). Investors are required to pay income tax on capital gains from crypto assets exceeding the monthly tax-free allowance.PANews reported on November 18th, citing Reuters, that Brazil is considering taxing international payments using cryptocurrencies to close a loophole in the country's taxation of regular foreign exchange transactions. Sources indicate that the Brazilian Ministry of Finance is considering expanding its Financial Transaction Tax (IOF) to include certain cross-border transfers using virtual assets and stablecoins that were classified as foreign exchange operations by the central bank this month. Currently, cryptocurrency transactions are exempt from the Financial Transaction Tax (IOF). Investors are required to pay income tax on capital gains from crypto assets exceeding the monthly tax-free allowance.
Reuters: Brazil is considering taxing cross-border cryptocurrency payments.
PANews reported on November 18th, citing Reuters, that Brazil is considering taxing international payments using cryptocurrencies to close a loophole in the country's taxation of regular foreign exchange transactions. Sources indicate that the Brazilian Ministry of Finance is considering expanding its Financial Transaction Tax (IOF) to include certain cross-border transfers using virtual assets and stablecoins that were classified as foreign exchange operations by the central bank this month. Currently, cryptocurrency transactions are exempt from the Financial Transaction Tax (IOF). Investors are required to pay income tax on capital gains from crypto assets exceeding the monthly tax-free allowance.
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