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Tânia de Almeida Ferreira, Partner, and Coordinator of CCA's Tax Department clarify the readers of Dinheiro Vivo about income statement resulting from casino games for IRS tax purposes.
According to the CCA partner, "the absence of a declaratory obligation in respect of gains of this nature may in fact create a problem under the commonly known scheme of wealth manifestation, whereby whenever there is an unjustified disproportion between taxable income and disclosed wealth (above certain limits), there will be an indirect assessment of taxable income for IRS purposes, and the income thus determined shall be taxed at an increased rate of 60%".
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