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Brazil Approves Proposed 15% Income Tax on Crypto Earnings Held on Foreign Exchanges
The Brazilian Senate recently gave the green light to a new tax reform aimed at imposing a 15% tax on cryptocurrencies held on foreign exchanges. The proposed bill on crypto income has already received approval from the nation’s Chamber of Deputies, a federal legislative body, and the lower house of the National Congress of Brazil. It is now awaiting final approval from the country’s President, Luiz Inácio Lula da Silva.
Brazil to Impose 15% Tax on Foreign Crypto Holdings
Once the President gives the final approval, crypto traders in Brazil are expected to comply with the rule and pay up to 15% on all their digital asset earnings on exchanges abroad.
According to Cointelegraph, the law will apply to individuals in the country who earn more than 1,200 (6,000 Brazilian reals) from foreign-based exchanges starting from January 1, 2024. However, those earning less than the stipulated amoun
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