9:14 am on 7 December 2019
The Department of Federal Revenue (RFB)- Brazil's tax agency released a new tax code that states if the taxpayers failed to declare their Bitcoin and cryptocurrency transactions they have to pay fines.
This new crypto tax code is a further addition to the provisions made in August by RFB that require Brazilian’s to state all the transactions involving cryptocurrencies, under rules established by Normative Instruction 1,888 introduced in May 2019.
