Brazil’s Ministry of Economy has set the import tax for Bitcoin mining machines to zero. The document was signed by Marcelo Pacheco dos Guaranys, executive secretary of the portfolio headed by Minister Paulo Guedes.
In April 2022, another measure was announced by the Chamber of Foreign Commerce, which consolidated the tax cut on imported cryptocurrency wallets. That measure was GECEX Resolution No. 323 of April 4, 2022.
However, the previously announced measure was not complete and did not include all zero tax possibilities, and is now being updated just over a month after publication.
Import Tax For Bitcoin Mining Machines Is Zero In Brazil, You See
A new measure announced by the Ministry of Economy, specifically the Chamber of Foreign Trade, expands the list of products that can be imported by Brazilians without tax costs.
According to GECEX Resolution No. 339 of May 9, 2022, published Tuesday (10), it has been amended to “zero percent the import tax rates levied on the said IT and telecommunications goods†
And one of the items on the list that removes the most taxes and attracts attention is precisely for Bitcoin mining machines, which use the SHA256 algorithm. Other cryptocurrencies that use this algorithm can also benefit from the measure, such as Bitcoin Cash and Peercoin.
“Servers dedicated to mining SHA256 algorithm cryptocurrencies, with energy efficiency measured at 25 degrees Celsius equal to or less than 32 J/TH (joules/terahash).”
While the new resolution limits the maximum Joules/Terahash capacity that can be generated by machines, it’s still far from a real problem. This is because the main machines on the market are below this range.
It is worth remembering that this resolution will enter into force on May 16, 2022, that is, on the Monday of the following week. Remember, since it is an amendment to another measure, it will follow the same zero-tax period, which is: until December 31, 2025†
Bill pending in National Congress also wanted to facilitate imports
In the Federal Senate, a bill passed by the Chamber of Deputies in December 2021 added a measure to facilitate the import of cryptocurrency mining machines.
Since Brazil does not have the technology to produce this equipment, maintaining a high tax burden keeps the country out of innovation and could harm the future. This project is now back in the Chamber of Deputies and awaiting approval by the Chamber’s plenary.
If the wording in its current form is approved and the chairman approves the project, Taxes for businesses will be set to zero until December 31, 2029extending the deadline for professional miners to invest in the Brazilian sector.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
