A Very Important Message for Our Friends in Brazil 🇧🇷 \ stacker news ~bitcoin

Purchases of Bitcoin are now 'Stamped' by IN 1888.

With the change in the Tax Information Exchange Agreement (CPI), it has been demonstrated that exchanges operating with pairs in Brazilian Reais (BRL) must provide IN 1888. As a result, a significant portion of Bitcoin transactions from 2019 onwards have the purchase origin recorded in the Federal Revenue's system.

As an accountant, I would like to inform you that when buying Bitcoin peer-to-peer (P2P) on Binance, they do not provide IN 1888.

However, when converting to fiat currency, the source of the value is verified.

The government is intensifying its efforts to combat tax evasion and is increasingly cross-referencing financial system information with the Income Tax records.

Therefore, if someone wishes to declare Bitcoin without it being associated with an IN 1888, especially for purchases exceeding 30,000 Brazilian Reais, the window of opportunity is narrowing. The year 2024 is the last chance to report it on your Income Tax return. Starting in 2025, you will need to provide proof of the origin of the acquired Bitcoins.

This origin will be increasingly traceable.

0 sats \ 0 replies \ @DarthCoin 1 Nov 2023

See? There is the biggest mistake people are doing. Never go back to fiat. Fucking pussies.... Only fiat mindset.

0 sats \ 0 replies \ @Zepasta 1 Nov 2023

Brazilians voted for a far-left communist president, more taxes and less freedoms.

if someone wishes to declare Bitcoin

Only sheep will do that.

Starting in 2025, you will need to provide proof of the origin of the acquired Bitcoins. This origin will be increasingly traceable.

Get your btc via P2P (real P2P not fucking Binance lmao) and hold = no tax & no proof of anything, remember: You are escaping fiat, you don't sell Bitcoin back to trash.

0 sats \ 0 replies \ @chovyfubar 1 Nov 2023

bollocks, taxation is theft.