2023-08-19 00:10:11
Deputies approve PL to annul Revenue tax for cryptocurrencies
CriptoFácil – The Finance and Taxation Commission of the Chamber of Deputies took a significant step in reviewing the taxation of cryptocurrency exchanges in Brazil.
Recently, the Draft Legislative Decree (PDL) 3/22 was approved, which seeks to nullify the effects of the guidance of the Federal Revenue Service of Brazil that considered the exchange of digital currencies between people as a taxable event for Income Tax (IR), according to the table progressive.
The PL focuses on preventing the Federal Revenue from charging tax on crypto-crypto operations, even when they are profitable. Currently, exchanging for USDC, for example, is an operation that the Federal Revenue takes into account when calculating taxes within the regulator’s rules.
Deputy Chiquinho Brazão (União-RJ), rapporteur for the project, expressed his support for the measure. According to him, when one cryptocurrency is exchanged for another, the operation is similar to those that result in capital gain, not indicating an increase in wealth, but portfolio diversification.
The author of the project, deputy Kim Kataguiri (União-SP), highlighted the creation of a modality of taxation of IR without support in the laws that govern the tax. He emphasized that the interpretation adopted by the tax authorities goes beyond the limits of regulatory power, which makes the approach illegal and inappropriate.
Normative Instruction 1888 for cryptocurrencies
The next step for the processing of the project is the analysis by the Commission of Constitution, Justice and Citizenship, being later sent for deliberation in the Plenary.
In addition to this discussion on taxation of exchange of crypto assets, the Normative Instruction 1888 of the Federal Revenue Service of Brazil is also worth mentioning. This regulation consolidated rules and procedures regarding the declaration of crypto assets by cryptocurrency exchanges and companies.
IN 1888 established the obligation to report operations with crypto assets carried out on exchanges in Brazil and abroad, as well as reinforced the need to report the ownership of these assets in the DIRPF.
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