After Brazil's Senate approved new income tax rules on Nov. 29, Brazilians may soon be required to pay up to 15% tax on income generated by cryptocurrencies held on foreign exchanges, according to Golden Finance. The bill has now been passed in the Chamber of Deputies and is expected to be approved by President Luiz Inácio Lula da Silva, as his government initiates changes to the income tax rules.


According to the bill, any Brazilian who earns more than US$1,200 (BRL 6,000) on transactions outside Brazil will be taxed, effective January 1, 2024. This change makes these funds taxed at the same rate as domestically held funds. Funds earned by the owner prior to that date will be taxed at the time the owner acquires them, while income from funds received before December 31 will be taxed at 8%.
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