Rio de Janeiro to Allow Citizens to Pay Property Taxes in Crypto from 2023


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Rio de Janeiro to Allow Citizens to Pay Property Taxes in Crypto from 2023
Source: Quatrox Production/ Adobe

The Brazilian metropolis of Rio de Janeiro will let its crypto-holding residents use their cash to pay their property tax payments from subsequent yr.

Globo reported that the town corridor has revealed a decree in its Municipal Gazette that states that Rio will “hire companies specialized in carrying out the conversion of cryptoassets into [fiat]” to let Rio residents pay a property tax referred to as the IPTU (the Urban Building and Land Tax).

In Brazil, IPTU funds on a bit of actual property are decided by calculating its market worth. All municipalities in the nation cost their residents this tax, which generates cash for state governments. Taxpayers can both pay all their IPTU obligations in one annual lump sum or pay in month-to-month installments.

The metropolis authorities defined that its offers with crypto companies would permit “the municipality to receive 100% of the value” of crypto funds in fiat, with out incurring “additional cost” to metropolis corridor.

The undertaking is the brainchild of the town’s pro-crypto Mayor Eduardo Paes, who earlier this yr indicated that he was wanting into methods of permitting Rio to begin holding crypto in its treasury.

Rio ‘Will Be First City in Brazil’ to Accept Crypto Tax Payments

Mayor Paes was quoted as stating of the newest improvement:

“Rio de Janeiro is a global city. As such, we are following the technological and economic developments in the world of digital financial assets. We are looking to the future and we want to help [Rio] become the country’s capital of innovation and technology.”

Paes claimed that Rio was “already ahead” of quite a lot of different Brazilian provinces which can be additionally wanting into crypto-powered tax fee packages.

The Mayor stated:

“We are the first city in Brazil to offer this type of payment option to taxpayers.”

The decree notes that crypto companies working with metropolis corridor on the undertaking would want to guarantee they abide by Central Bank protocols and observe the identical sort of procedures that conventional monetary establishments would when dealing with tax funds.

Back in January, Paes additionally spoke of the opportunity of providing individuals incentives or bonuses for selecting to pay their IPTU payments in bitcoin (BTC).

Compiled by Coinbold

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