Brazil's Internal Revenue Service sets penalties for taxpayers who fail to report crypto transactions truthfully

According to Bitcoinist, the Brazilian Internal Revenue Service (IRS) has focused on crypto transactions and transfers, and has instituted special fine rules to fine those who fail to submit monthly reports on crypto asset movements. The Brazilian Internal Revenue Service says it has received reports of $ 14 billion in transactions in the past few months. It is unclear how this number was reached and whether it was based solely on transfers or transactions. However, the IRS requires that filings only involve transactions that are related to the transaction. Taxation in Brazil is similar to the IRS. However, simply holding BTC will not result in a taxable event, although prices will fluctuate. According to previous news, the Brazilian Internal Revenue Service requires that from August 1, transactions involving cryptocurrencies such as Bitcoin must be reported to the Internal Revenue Service in accordance with the rules established by the 1888 normative directives issued in May 2019.