IRS creates codes for cryptocurrencies NFTs and stablecoins. Photo: Alexa Photos, Pixabay.
The IRS should ask taxpayers for more detailed data about cryptocurrencies in the 2022 Income Tax declaration. According to the institution, there will be a “cryptoactives” group in the declaration of assets and rights. In addition, there will be new codes to inform different types of currencies.
Information about new codes for different types of cryptocurrencies is from the lawyer Ana Paula Rabello on your blog. According to her, this information should be confirmed by the RF this Friday (25). Although the IRS held a press conference today (24) to talk about the IR 2022.
Ana Paula states that in addition to cryptoassets becoming a group, there will be codes to identify stablecoins (83) and non-fungible tokens, the NFTs (88). Codes for bitcoin (81), altcoins (82) and other crypto assets (89) already existed. Thus, the IRS has updated itself regarding the crypto asset market, as NFTs were one of the biggest sensations of 2021 and stablecoins also grew significantly.
According to the lawyer, this is a change “in the sense of further detailing our operations”. Therefore, this facilitates the crossing of data and the rationale for analysis, which allows the Revenue greater verification of the data.
IRS made clarification on cryptocurrencies in 2021
At the end of last year, the Federal Revenue clarified that any individual capital gain involving cryptocurrencies must be declared. And not just the exchange of crypto-assets for reais, as most of those who have these assets understood. The clarification occurred in a response from the institution to a question it received to clarify a doubt.
According to the answer that RF released“the capital gain from the sale of cryptocurrencies, “when one is directly used in the acquisition of another, even if the acquisition cryptocurrency is not previously converted into reais or other fiat currency, is taxed by the individual’s income tax .”
IR submission starts March 7th
In addition, it is “subject to progressive rates, in accordance with the provisions of art. 21 of Law No. 8,981, of January 20, 1995”. This is tax legislation and the article cites capital gains tax rates. The percentages are 15% for gains of up to BRL 5 million and 17.5% for gains over BRL 5 million to up to BRL 10 million.
But after that, the percentage rises to 20% for gains that exceed R$ 10 million and go up to R$ 30 million. Above that, it is 22.5%. The tax exemption happens when selling up to R$ 35 thousand in cryptocurrencies. However, many rely on Normative Instruction (IN) 1888 of 2019 to file income tax returns on cryptocurrency exchange operations. But the IRS did not indicate this instruction in its cryptocurrency response.
IR submission is from March 7th to April 29th.