Income Tax: with the help of artificial intelligence, Revenue identifies 25 thousand taxpayers with undeclared ‘bitcoins’ in 2023

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Providing information about digital currencies was mandatory for anyone who had to declare income tax last year. The agency says it is evaluating incentives for taxpayers to ‘self-regulate’ without charging fines. The Federal Revenue Secretariat reported this Thursday (1st) that it identified 25,126 individuals who had bitcoins (virtual currency) at the end of 2022, and did not inform the amount in last year’s Income Tax declaration. The number concerns people who had at least 0.05 bitcoin, the equivalent of around R$10,000 in current values. According to the agency, the data was obtained using “traditional and artificial intelligence techniques”. “In total, these individuals would have an investment of approximately R$1.06 billion that was not reported to the Federal Revenue Service”, added the Tax Authority. According to the rules, all individuals who were required to declare Income Tax in 2023, and owned cryptocurrencies, were required to provide information about these virtual assets, regardless of the value. The body also reported that “it is evaluating taking action to encourage the self-regularization of data reported last year”, encouraging compliance, “without imposing fines that are due in the case of opening tax procedures”. In this case, taxpayers would be informed about the need to adjust their 2023 IRPF declarations, by sending a rectifying declaration, so that inspection procedures are not opened, and fines are not assessed. Growth in the use of ‘stablecoins’ The IRS also reported that it is also seeing a “significant growth” in operations involving so-called “stablecoins” (stable currencies) – cryptoassets that usually maintain a parity with some real currency, with a basket of currencies or with other assets such as “commodities”, for example. “The growth of the market is being monitored by the tax administrations of several countries, which are developing mechanisms to promote transparency”, added the body.

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