BlockBeats News, June 14, according to a report by CoinDesk, Brazil has ended its long-standing tax exemption policy on cryptocurrency profits. Under the new provisional decree (Decree No. 1303), individual cryptocurrency profits will be subject to a unified tax rate of 17.5%.
Previously, individuals selling up to 35,000 reals (approximately $6,300 USD) worth of cryptocurrency per month were not required to pay taxes. Before this change, profits exceeding that threshold were taxed on a progressive scale, with the highest rate reaching 22.5% for transactions exceeding $5.4 million USD.
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