Acre approves tax collection for cryptomoedas in cases of death and donations

A supplementary law dealing with taxes levied on transfers of inheritance and donations cites money and cryptomoedas as taxable assets.

Acre approves tax collection for cryptomoedas in cases of death and donationsNOTÍCIAS

The state government of Acre recently passed a supplementary law that categorises cryptomorphs as assets subject to tax collection. In this case, the tax may be levied in cases of inheritance transfer and/or donations in cryptomorphs.

Thus, according to Complementary Law No. 373 of December 11, 2020, donations and inheritances in cryptomonas can pay taxes ranging from 2% to 8%.

Who should tax cannot have the assets automatically blocked by the government, decides STF
In addition to cryptomorphs, the law „Tax on the Transmission of Causa Mortis and Donation of Any Goods or Rights (ITCMD)“ focuses on other types of donations such as movable and immovable property, shares on the stock exchange and even money.

Tax on Cryptomites
Acre formalised the inclusion of cryptomorphs in the „Causa Mortis and Donation of Any Goods or Rights Law“. According to the publication of the Official State Gazette on Monday (14), the tax will be levied in cases of donations and or transfer of inheritance after the death of the investor.

Representative of São Paulo suggests Law that creates tax for transactions and receipt of inheritance in Bitcoin and cryptomoedas
In this way, cryptomorphs are categorized in the complementary law as assets, alongside money, securities, shares and investments. In addition, current account balances and savings are also subject to taxation by the state government of Acre.

„For the purposes of this Supplementary Law, any Crypto Investor asset or right is understood as: money, in national or foreign currency and securities representing it, cryptomoquins, bank deposit and credit in a current account, in savings and fixed term, share or participation in a mutual fund of shares, fixed income, short term and any other financial and risk application, whatever the term and the form of guarantee“.

Exemption may occur in some cases
The passing of the „Causa Mortis and Donation of Any Goods or Duties Tax Act“ provides for income tax exemption in some cases, and may include cryptomorphic donations.

According to the approved law, the ITCMD cannot be charged when the donation and/or inheritance received is a property valued at up to R$ 250,000, whether urban or rural.

Bill creating a tax for Bitcoin advances in Brazil
Meanwhile, spoils valued at up to R$ 50,000 are also exempt from the tax levied by the state of Acre, and may include cryptomoedas even in this range of value.

„Urban or rural properties, valued at up to R$250,000, are exempt from ITCMD payment, as long as it is the only one in the shareable mount. The amount of the estate when valued at up to R$ 50 thousand“.

São Paulo also charges a tax
Just as the state of Acre did with the ITCMD tax, the state of São Paulo previously approved similar taxation in cases of inheritance and donations in cryptomoedas.

As reported by the Cointelegraph, the tax on cryptomaps in São Paulo was approved through a bill by state deputies Marta Costa (PSD – SP) and Thiago Auricchio (PL-SP).

Approved in September 2019, the tax also provides for the collection of taxes on donations and/or inheritances transferred in cryptomoedas. In the state of São Paulo, any amount received as an inheritance that is less than R$ 27 thousand is exempt from collection.