Brazilian tax authorities: Crypto-asset declaration irregularities found in more than 25,000 tax returns, involving $213 million

According to local media reports, Brazil's tax authority Receita Federal do Brasil (RFB) is strengthening its regulation of cryptocurrency taxation. The agency has found violations in more than 25,000 tax declarations, where taxpayers have at least 0.05 BTC in their wallets but did not disclose it. With all the violations, it is estimated that at least 1.06 billion Brazilian real (213 million US dollars) worth of BTC assets were not reported for taxation. The investigation that led to these findings combined traditional and artificial intelligence technology to identify taxpayers who omitted their cryptocurrency assets in their declarations. In addition, the agency has identified 181 statements submitted by foreign citizens that may be exempt from submission depending on certain conditions. It is reported that undisclosed assets in Brazil may be subject to fines and imprisonment for 6 months to 2 years. (Bitcoin.com)