Do you have an international digital card, such as Wise or Nomad? Find out how to declare your Income Tax

International digital accounts have become increasingly popular as alternatives for traveling abroad, as they have the advantage of paying a lower amount of Tax on Financial Operations (IOF). But account holders must pay attention to the need to declare them in Income Tax.

Today offered by a wide range of banks, the best-known services of this type are Wise and Nomad. Many users are not even aware that by joining these applications, in practice, they are opening digital accounts abroad.

Federal Revenue auditor Jorge Alberto explains that if you have an amount greater than R$140 in an account abroad, such as Wise or Nomad, you will need to send the declaration to the Revenue.

The accountant and founder of Blue Consult, Mychel Mendes, reinforces that anyone with assets abroad — even a bank account in dollars — needs to report to Leão. According to him, the investor must convert the balances held in accounts of this nature at the exchange rate exchange rate on the last business day of each year and inform in the “Goods and rights” form.

Wise, an Estonian company with its main headquarters in London and which has already issued more than a million cards in Brazil, said it will deliver the report to its customers to help them account for Leão, although it is not obliged to make the report available. document because it is a foreign company.

The Brazilian Nomad, which is subject to Revenue rules, also confirmed the sending of a report to customers, in addition to an explanatory guide for the declaration in the application.

Small investor

The government intends to make life easier for small investors on the stock exchange, by allowing income tax on sales to be calculated every quarter and not monthly as it is today.

The change is contained in a bill that will be sent to the National Congress in the coming days. The proposal also proportionally increases the exemption limit for these operations, from R$20,000 per month to R$60,000 per quarter.

The changes also seek to prepare the market to receive the resources that will migrate from exclusive investment funds. With the institution of the “share-eating” regime in these funds, the expectation is that investors will seek out the stock market. The change is seen as positive by the government as it reinforces financing possibilities for companies.

On another point, the bill changes the taxation of cryptoactives. The operations will be taxed according to their equivalent. For example: if it is a share token, you will pay Income Tax (IR) as if it were a share; if it is a fixed income cryptoactive, it will pay tax equal to the fixed income rule.

Under the current rule, these operations are taxed as capital gains and, as such, are exempt for transactions of up to R$35,000. This exemption no longer exists, depending on the type of cryptoactive.