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Got an Axie from Axie Infinity? Well then the IRS in Brazil now forces you to declare it

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In yet another initiative to find out what all cryptocurrency investors in Brazil have, the Federal Revenue Service (RFB) determined that Brazilians are required to declare the possession of NFTs.

So, it doesn’t matter if the investor owns a crypto art; an Axie, from Axie Infinity; or even a Bomb Crypto hero, if it’s an NFT it’s mandatory to declare.

This Thursday (24), the RFB stated that on Friday (25) it will specify the rules for the 2022 Income Tax Return for 2021. However, it has already advanced that it has even created a specific code for the declaration of NFTs oh, code 88.

In addition to 88, the IRS also announced another specific code for stablecoins, 83. Cryptocurrency investors now have 5 codes to declare their cryptoassets (81 – BTC, 82 – Altcoins, 83 – Stablecoins, 88 – NFTs, 89 – Tokens).

“What does that change? It changes in the sense of further detailing our operations, facilitating the crossing of data, from reasoning to analyses, bringing up a subject that I always debate. There is no way to escape the lion!”, said Ana Paula Rabello on her blog Declaring BTC.

Income Tax, other changes

In addition, among the updates are: receipt of the refund and payment of tax via Pix; completion of the multiplatform declaration; and expanding access to the pre-filled declaration.

According to the Revenue, Pix can also be used by those who have tax to pay. Federal revenue collection documents (Darf) will already be issued with the QR Code for payment through Pix.

This year, the option to return amounts wrongly received from Emergency Aid through Tax will not be available. In addition, those who received the benefit in 2021 are not necessarily required to submit the declaration.

However, the aid is considered taxable income. Therefore, if added to the taxpayer’s other income and the income exceeds the exemption limit, this year at R$ 28,559.70 (5 574,04 USD), then the taxpayer is obliged to deliver a statement to the IRS.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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