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Hello, it's 2021 and I don't know if there were any doubts about the question of deducting loss operations from profit operations. But reading the Q&A manual version 1.1 of 2021, if there were doubts previously, I think the wording of the current text in question 606 does not give rise to this question:
" Gains obtained from the sale of digital assets, such as cryptoassets or virtual currencies (bitcoins -
BTC, for example) whose total sold in the month is greater than R$ 35,000.00 are taxed as a capital gain. and the income tax must be paid by the last working day of the month following the transaction, at the revenue code 4600.”
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Also:
"The exemption relating to disposals of up to R$ 35,000.00 per month must comply with the set of cryptoassets or
virtual currencies sold in Brazil or abroad, regardless of their name (bitcoin, ethereum, litecoin, etc.),
tether ...). If the total disposed of in the month exceeds this amount, the capital gain relating to all disposals
will be subject to taxation."
This means that taxation is not by currency or asset class (codes 81/82/89 of goods and rights), but by considering transactions with all assets. If you sold a total of R$35,000.01 in single transactions of 1,000 reais with 35 currencies at the end, with one of them ending up at 1,000.01, you would owe tax. My question is, if I'm a crazy person who throws stones at the moon, or if I'm not at all skilled or have very little luck, I decide to carry out 35 operations with 1000 reais, I mean entering with the same initial capital of 1000 reais. I buy and sell for the same amount. But in the last one, I miraculously managed to sell for 2 thousand. In accounting terms, this means a turnover of R$35mil in purchases and R$36mil in sales. Do I owe 150 reais in tax? I invested 1,000 and ended up making a profit of 1,000... If I do, what should I think about a citizen who enters with the same capital of 1,000 but ends up with exactly 35,000, not having to pay tax on a profit of 34,000? These questions are not answered anywhere.But if there is still that original doubt, I think the reason lies in the wording about the obligation to provide information when the individual operates in crypto and P2P portfolios and even on foreign exchanges, only when the total sales exceed the established limit of R$30mil in the month, in the operations isolated or jointly. That's why they could have extended the reasoning to the exemption limit for calculating capital gains on isolated transactions as well, but I see that the text doesn't open up this possibility.
So if you're worried about paying tax just because a single transaction sold more than R$35mil and made a profit, in the midst of other loss-making transactions that month, you should analyze the difference between the volume of purchases and sales in that month. This then means that the investor can reapply in the same market (goods of the same nature) and in the same month the full profit obtained from these sales without having to be taxed, because the balance or part of it reapplied therefore enters as new purchases in this accounting statement, after all the comrade did not withdraw the profit to acquire another good of a different nature, but used it to reapply within the same month, right? Because the balance becomes less positive or even negative depending on the volume reapplied, i.e. the demonstration that within this period the existence of a sales balance greater than R$35mil has not been mathematically characterized. This balance can still be built up at the end of the following month with new sales.
What about crypto swaps?
Our leviathan state is wasting no time. What a deal for the government, wanting to tax people exchanging assets without using any legal tender or local financial structure and no other central one... Except that the evil idea here is to analyze the final balance of the operation with the second currency in relation to the acquisition cost of the first. You're only swapping six for half a dozen if you're swapping a newly acquired currency. Otherwise, if you swap quantities of one currency in 2021 at an acquisition cost of R$10mil in 2019 for quantities of another currency and the operation ends with an equivalent balance of R$40mil due to market appreciation, what will be the calculated gain and the tax due on this operation? If this is the only transaction in the month, theoretically (in their view) it means a sale of R$40mil and taxation of 15% on a capital gain of 30mil! But they don't take into account that there were two purchases totaling R$50mil, because in a swap the sale of the first immediately implied the equivalent purchase of a second. What profit is there in that? If the investor does nothing with the first currency, letting it remain valued by the market where it is (in the portfolio or on an exchange), he owes nothing, so why should he owe anything just because he transferred that valuation to another currency?Well, I'd like your opinion on whether what I've written is well-founded or not. In fact, as a whole, I'd like to know whether the Q&A section and even the normative instruction, without the support of legislation, find legal/constitutional support, even if there is such a thing as an "accessory obligation". And even if this is the case, I would like to know what counts in this process: the Q&A manual or the normative instruction. I'm asking this because what I don't see discussed anywhere is that the normative text doesn't mention taxation, but rather when it's necessary to provide information on ownership and movements, depending on the case, and to be penalized for delaying or omitting this information. Am I pushing it?
