The tax authority of Brazil began monitoring kriptonyte

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In a statement sent to prevent the evasion of tax payments and preventing money laundering, the Department of the tax revenues of Brazil (RFB) announced that he will take active steps to exercise control over the activity of enterprises related to the technology of block chains or cryptocurrency.

In accordance with the latest statement submitted by the RFB, all Brazilian cryptobiina must provide detailed monthly reports of all your transactions related to the cryptocurrency. In the report it was stated that this applies not only to enterprises. Persons working in this field are also required to report all transactions associated with scriptactive that exceed 10 000 Brazilian reais ($2700). The Agency also reported that all reports must be submitted via the virtual service center (e-CAC).

In RFB noted that anyone who does not comply with these rules will be prosecuted according to law.

Urgent control

The report RFB also reported that the number of cryptocurrency users in the country increased significantly compared with the previous year:

“In December last year in Brazil was used more than 4 billion reais ($1 billion) to buy and trade cryptocurrencies, including Bitcoin. This year, given the growth of kryptonyte in the country, expected the annual trade volume between 18 and 45 billion reais ($4,8 to $12.1 billion).

RFB added:

“In Brazil, recent years have seen a significant growth of the stock market, which indicates its importance for taxation, because the transactions fall under the classification of income tax on capital gains”.

With the growing number of cryptocurrency exchanges and cryptomonadales in the country, the Agency believes that it should intervene now before the situation got out of control.

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