Brazil's Congress has rejected Provisional Measure 1,303, a tax proposal backed by President Lula that aimed to end tax exemptions for small cryptocurrency holders. The measure, which was removed from the agenda with 251 votes, would have imposed a 17.5% flat tax on crypto transactions under 35,000 reais ($6,500). President Lula criticized the decision as a setback for the Brazilian people, while crypto advocacy groups, including the Brazilian Association of Tokenization and Blockchain Companies (ABToken), hailed it as a victory for the crypto community. The government had anticipated generating over 17 billion reais ($3 billion) in revenue from the tax by 2026.
Brazilian Congress Rejects Lula's Crypto Tax Proposal, Averting $3B Revenue Loss
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