Brazil: Signed Bill 4173/2023 on crypto asset taxation

On 12 December 2023, the President of the Brazilian Republic signed Bill 4173/2023, amending taxation law, including provisions introducing taxation for crypto assets held abroad. When the Bill comes into effect on 1 January 2024, income from crypto assets over BRL 6'000 will be taxed at a rate of 15%. This tax will apply pro-rata to income accrued up to 31 December 2023. The taxpayers who choose to start paying the tax in 2023 will pay a levy of 8% in instalments.