The federal government approved it Law No. 14,740, which establishes the encouraged self-regularization of taxes administered by the Federal Revenue Service. The law provides incentives for guilty pleas through the abolition of payment arrears and ex officio fines.
According to the law, taxpayers have a period of 90 days from the date of the ordinance (November 30, the date of publication in the Official Gazette of the Union) to comply with the regime.
Attachment may be made by confession and payment or installments of the full value of the known taxes.
Confession of debt
If you, an investor in the cryptocurrency market, have been waiting for the opportunity to regularize your tax situation but were afraid of the penalties and interest, now may be the ideal time.
Income tax on profits from cryptocurrency operations must be paid on the last business day of the month following that of the operations that generated this tax. Therefore, payments made after this period will be subject to late payment penalties and interest, which can be very heavy on the investor’s pocket.
There are two types of penalties: the late payment penalty, which corresponds to 0.33% of the tax value per day of delay, limited to 20% of the tax due.
This penalty is applied when the taxpayer spontaneously admits the debt. The other, the ex officio penalty, is applied when the taxpayer is subject to audit by the Tax Authorities, and can amount to 150% of the tax amount due.
The default interest is in turn calculated on the basis of the Selic rate accrued during the delay period, plus 1% in the month of payment.
Under the new law, taxpayers who admit their debts will be exempt from late payments and official fines.
In addition, there is the possibility to pay off debts with a 100% discount on default interest, as long as you pay 50% of the debt in cash and pay the remainder in up to 48 monthly installments, which will be corrected by Selic from the start. date of debt consolidation.
It is important to emphasize that no more detailed guidance has been provided by the Federal Revenue Service on the self-regulatory process to date. If additional guidance and clarifications are provided, we will post them on our social networks.
By Ana Paula Rabello and Gabriel Rother Candido.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
