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Brazil Tax Authority Requires Reporting All Bitcoin Transactions

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Brazil Tax Authority Requires Reporting All Bitcoin Transactions
(19’08)

Starting from August 1, transactions involving cryptocurrencies such as Bitcoin must be reported to Brazil Internal Revenue Service(IRS) in accordance with Normative Instruction 1888

The measure applies to individuals and corporate entities involved in all kinds of crypto-related activities including donations, barters, deposits, withdrawals etc.

Brazilian crypto exchanges need to report the IRS about all the operations.

Those who use foreign exchanges have to report on the transactions if the amount exceeded 30,000 Brazilian reals.

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