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President Lula should sanction tax reform with articles on cryptocurrencies
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The president Luiz Inácio Lula da Silva is about to sanction the new Tax Reformwhich brings significant changes to Brazilian tax legislation.
The text, forwarded by the Chamber of Deputies on Thursday (26), has already received approval from the National Congress. Now, the text awaits the presidential signature to come into force.
The Tax Reform replaces five current taxes (ICMS, ISS, IPI, PIS and Cofins) for three new taxes:
Furthermore, it creates the IBS Management Committee and brings new rules for the taxation of cryptocurrenciesa sector that has already been monitored by the Federal Revenue Service since 2019. The approval of the new rules took place in the Senate, in the last days of 2024. Now, it only depends on the sanction to come into force in 2025.
Impacts on the cryptocurrency sector
With the new text, the operations with cryptocurrencies are now regulated in more detailensuring greater legal security for investors and companies.
The rules provide for specific taxation for transactions involving digital currencies, such as Bitcoin and Ethereumconsolidating Brazil as one of the countries with the clearest legislation on the subject.
Mike Ermolaev, analyst and founder of Outset PR, highlighted that when it comes to buying and selling cryptocurrencies, the text does not bring changes for individual investors. However, the changes will directly impact the tax burden of exchanges.
According to the director of the Federal Revenue, the measures aim to modernize the tax system and adapt it to the demands of the global market.
The reform also includes measures to tax relief to low-income consumers. Among the highlights are:
In Brazil, presidential sanction is the final step for a project approved by Congress to become law. Lula has 15 working days to sanction or veto parts of the text. As the proposal is authored by the Executive, the possibility of a veto is low.
President Lula should sanction tax reform with articles on cryptocurrencies
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President Lula should sanction tax reform with articles on cryptocurrencies
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President Lula should sanction tax reform with articles on cryptocurrencies
