Brazil plans higher taxes on cryptocurrencies

Odaily Planet Daily News The Brazilian Congress has approved an amendment to a bill that treats cryptocurrencies as "financial assets" for foreign investment tax purposes. In addition, the draft bill imposes taxes on fluctuations in the price of crypto assets relative to Brazilian fiat currencies, as well as on gains arising from fluctuations in foreign exchange rates. Under the new rules, foreign income up to 6,000 Brazilian reals (about $1,200) will be exempt from taxation. Income between 6,000 and 50,000 (about $10,000) is taxed at 15%; above this threshold, it is taxed at 22.5%. Congressman Merlong Solano said the revision was aimed at promoting equal tax treatment, as tax breaks for foreign cryptocurrency investments are currently low. (cointelegraph)