Bitcoin takes 25k to infrared micronetwork; The investment must be declared – Estado de Minas

SAO PAULO, SP (FOLHAPRESS) – The Federal Revenue Service identified 25,126 individuals who owned bitcoins and did not declare the cryptocurrency in their 2023 income tax declaration. Using traditional and artificial intelligence techniques, the tax agency determined that at the end of 2022, these people were found to have Taxpayers at least 0.05 Bitcoin, equivalent to about 10,000 Brazilian reals in current values. In total, they will have investments of about R$1.06 billion that have not been reported to federal revenue.

Among the investors identified by the IRS, 181 indicated that they were abroad and may be exempt from declaration in Brazil, subject to specific conditions. In a memo, the IRS says it is “evaluating measures to encourage self-regulation of data reported last year,” and to encourage compliance, “without imposing fines due in the event tax proceedings are opened.”

In this case, taxpayers will be informed of the need to amend their comprehensive income tax returns for the year 2023, by sending a corrective return, so that inspection procedures are not opened and fines are not assessed.

According to the Tax Agency, anyone who has bought R$5,000 or more in virtual currencies or owns (even if in the custody of a third party) a similar amount has the obligation to report this investment. The person responsible for advertising must have an income report sent by the stock exchange (broker responsible for the operation) based in Brazil.

If the operation was carried out on its own or through an exchange abroad, the taxpayer will need to retrieve all data on the operations carried out in the base year to report them to the government.

The tax will be imposed if the monthly sale of cryptocurrencies exceeds R$35,000, following a gradual scale of 15% to 22.5% on the income. However, consultants interviewed by Folha recommend that taxpayers declare their income from all operations, even if they are exempt.

The IRS identified 237,369 bitcoin investors, with a cumulative total of R$20.5 billion, when processing income tax returns filed by individuals in 2023.

More than half of advertisers (50.9%) made an investment of up to R $ 1,000. A value of up to R$10,000 was reported by 80.6% of individuals. According to the IRS, there are investors who have declared that they have more than R$ 1 million worth of Bitcoin.

“In order to facilitate the correct completion of the income tax return, the Federal Revenue Service will provide data on bitcoin and other cryptocurrencies in the pre-filled declaration, as it did last year,” the agency said in a statement.

In addition to the investor relations declaration, crypto assets also need to have their operations reported monthly by the buyer. This requirement applies to anyone who makes sales of more than R$30,000 per month through a stock exchange abroad or works alone.

Taxpayers must fill out a form and submit it to the IRS in the month in which the sales limit of R$30,000 is exceeded. In case of delay, the individual pays a fine of R$ 100 per month. Exchanges in Brazil are required to send customer data to the IRS.

Since January 1, 2024, crypto asset advertisements, both original and corrective, have a new design. The filling of numeric fields containing decimal places has changed. With a larger size, fields now require a comma to be used as a separator between the complete part and the incomplete part.

According to the IRS, the change was necessary to facilitate the reporting and processing of information by taxpayers, due to the emergence of cryptocurrencies with very low individual value, the transactions of which, in many cases, involve trillions of units.

Growth of stablecoins

Surveys by the Federal Revenue Service, conducted monthly since 2019, indicate significant growth in the use of stablecoins, cryptoassets that, unlike other competitors, typically maintain parity with some real currency, or with a basket of currencies, Or with other assets such as commodities.

In Brazil, tax data indicates that the most traded stablecoins are USDT (Tether) and USDC, both of which are at parity with the US dollar, as well as the BRZ, which is tied at parity with the real.