NORMATIVE INSTRUCTION N° 1.888- OPERATIONS WITH CRYPTO-COINS SHOULD BE NOTIFIED OF THE INTERNAL REVENUE SERVICE
By 2019, August physical person and juridical person will need to provide data to the internal Revenue Service about the operations with crypto-coins. The crypto-coins are virtual coins that has the Bitcoin as the most famous of them.
The measure was instituted by the Normative Instruction (IN) n°1.888, published in May 3, 2019, that brings details about what will be demanded and possible penalties.
The new instruction foresees that the information will need to be available by system of the National Pickings that will be available in the Virtual center of the service of the Internal Revenue Service (e-CAC).
The work for information will need to happen by the Exchanges, kind of correctors of the crypto-coins market; always when them have fiscal domicile in Brazil, independent of the value. When the operations are carried out without the use of an Exchange or when fiscal domicile in the exterior have, the information will need to be avail by the physical person or the juridical wielder of the active. In this last case, the information just will be necessary when the value of the achieved operations in the same month surpass R$ 30.000,00 (Thirty thousand real).
In the information foreseen in the IN are: the date of the operation, the type of the operation, the titular of the operation, the crypto-coins used in the operation, the quantity of the crypto-coins negotiated, the value of the operation in real and the identification of the Exchange and the value of the tax of the billed services to the execution of the operation, in real, when it has.
For the purpose of conversion of the values of the crypto-coins expressed in the foreign coin will need to be converted to American dollars and posterior to the national coin.
The information will need to be useful always until the last useful day of the month subsequent that occur the operations.
The Exchanges with fiscal domicile in Brazil will need to be render annual information, until he December 31 of each month, referring to each one of them users, showing the balance of crypto-coins in real, the balance in unit of each one of them and the declared cost by the user to acquisition of those crypto-coins.
The Dutra Associated Lawyers and others companies adapted to the Dutra Method are available to come to assistance to your clients in what is necessary.
The first set of data to be delivered referring to operations of the month of August, 2019 will need to be useful in September, 2019.