The post Crypto News Today: Brazil Considers Tax com. Brazil plans to tax international crypto transfers and align with CARF to close loopholes and strengthen oversight. Brazil is reportedly considering a tax on international crypto payments. The government plans to expand the Imposto sobre Operações Financeiras (IOF) to include digital asset transfers abroad. This move comes as Brazil aligns its rules with the global Crypto-Asset Reporting Framework (CARF). Officials say that the aim is to increase transparency, close loopholes and capture revenue from the growing crypto sector. Brazil Plans Crypto Tax on International Payments Officials from Brazil’s Finance Ministry are reviewing proposals to tax cross-border crypto transfers. The tax would treat some stablecoins and other digital assets like traditional foreign-exchange transactions. Sources told Reuters that the current exemption creates a loophole for importers and other businesses. However, capital gains on crypto are taxed at 17. 5% Expanding the tax to cross-border payments would capture flows that now escape regulation. Authorities estimate Brazil may be losing over 30 billion dollars annually from unregulated crypto transfers used for payments and imports. Officials are considering which cryptocurrencies and transactions would be subject to IOF. The focus includes both domestic exchanges and foreign providers serving Brazilian users. The government also wants to make sure that stablecoins cannot act as a substitute for traditional foreign exchange. CARF is a global standard for sharing crypto account data among tax authorities. This alignment gives Brazil access to citizens’ foreign crypto accounts. Brazil signed a statement in favour of CARF in late 2023. Other countries, including the United Arab Emirates, the EU and the.
