Brazilian lawmakers are set to vote on a bill to increase taxes on overseas-held cryptocurrencies on 28 August. The proposed legislation, which has already gained approval from a congressional committee, designates crypto as “financial assets” for tax purposes in foreign investments. This includes taxing profits derived from both price and foreign exchange rate fluctuations. Under the bill, earnings up to 6,000 Brazilian reais (around $1,200) would be tax-exempt. Profits ranging between 6,000 and 50,000 reais (around $10,000) will incur a 15% tax, while those surpassing this threshold will be taxed at 22.5%. The amended bill only targets crypto exchanges without a physical presence in Brazil, potentially making domestic platforms more appealing to investors.
Source: https://cointelegraph.com
