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Last days of Income Tax: free book teaches you how to declare your bitcoins

Cryptocurrency

Photo: Shuttestock

Do you have bitcoin and other cryptocurrencies and have not yet declared income tax? So it's better to run, because the deadline ends this Tuesday (30th). And it never hurts to remember that the Bitcoin Portal counts on the digital book “How to declare bitcoin and other cryptocurrencies in Income Tax”, To help you with this task.

To download your copy, just click here.

The text was written by the accountant specialized in cryptography Ana Paula Rabello, made in partnership with Bitcoin Portal. With a simple, didactic and direct language, the work provides details on how the values ​​obtained with investment in digital assets should be described and calculated.

The publication also shows that it is possible to reconcile the reality of cryptoeconomics with attempts to regulate the sector, although both do not go at the same pace.

Despite the normative vacuum and many crypto enthusiasts still wrinkling their noses, the message is clear. The best way to allow income earned in the virtual world to be used in the real world is for it to be formalized with the IRS.

So far the main guideline on cryptography in force in Brazil comes from Normative Instruction (IN) 1888. It requires the registration of all transactions made with cryptocurrencies by Brazilian exchanges. There are still projects under discussion in the House and the Senate, but nothing is yet ready for voting in plenary by parliamentarians.

Term for IR has been extended

The original deadline for filing the Income Tax was April 30, but received an additional two months due to the coronavirus pandemic. The IRS expects to receive around 32 million statements this year – almost 7 million taxpayers have not yet submitted the document.

Despite the longer deadline for declarations, the Federal Revenue Service kept the refund payment schedule. The taxpayers who sent the declaration in the first days have already started to be covered by the initial lots.

Those who delay delivery will have to pay a 1% fine on the tax due for the month. The minimum amount is R $ 165.74 and the maximum is 20% of the tax due.

This source of this article is portaldobitcoin.uol.com.br.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.