01/02/2024 – 17:48
The Federal Revenue reported that it identified more than R$1 billion in bitcoins not declared in the 2023 Personal Income Tax (IRPF). The amount corresponds to 25.1 thousand individuals who own bitcoins and did not declare the cryptoactive.
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According to the Tax Authority, the data was collected using traditional techniques and the use of artificial intelligence. Each of the 25,000 people who would own bitcoins owned at least 0.05 bitcoin, equivalent to around R$10,000 in current values. All states in the federation have residents who do not declare bitcoins, but the largest concentration is in the central-west and south regions.
Also according to the IRS, 181 people in possession of bitcoins were abroad. Depending on new assessments by the body, they may be exempt from submitting the declaration in Brazil.
Of all income tax returns submitted by individuals in 2023, 237.3 thousand investors in bitcoins were identified, with an accumulated amount of R$20.5 billion.
The data shows that more than half, 50.9% of the declarants, made an investment of up to R$1,000. The value of up to R$10 thousand was reported by 80.6% of individuals. There are also investors who indicate they have more than R$1 million in bitcoins.
Encouraging Bitcoin Compliance
With the aim of facilitating the correct completion of the income tax return, the Federal Revenue stated that it will make data on bitcoins and other cryptoactives available in the pre-filled declaration in 2024, just as it did last year.
In addition, the inspection is evaluating taking action to encourage the self-regularization of data reported last year, encouraging compliance, without imposing fines that are due in the case of opening tax procedures.
“Given the emergence of cryptoactives that have a very low individual value, unlike what happens with bitcoins, and following the market dynamics, the Federal Revenue made adjustments to the layout of the declaration used to capture data”, stated the Revenue, in note.
The body also highlighted that periodic assessments carried out on cryptoassets found a significant growth in stablecoins. Stablecoins, also called stable currencies, are cryptocurrencies paired in some stable asset or basket of assets, in order to control their volatility. A stablecoin can be pegged to a cryptocurrency, a fiat currency, precious metals such as gold and silver, or commodities such as oil.
Distribution of non-declarers of bitcoins by State:
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