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Cryptocurrency News Articles

The Russian government has approved a bill to tax cryptocurrencies in the country

Nov 12, 2024 at 07:47 pm

According to the bill, digital currency is given the status of property, and a separate calculation of the tax base is introduced, which is defined as the excess of the value of the asset over the costs of its purchase or extraction.

The Russian government has approved a bill to tax cryptocurrencies in the country

The Russian government has approved a bill that will introduce taxes on cryptocurrencies in the country. The bill was revived after regulations on crypto mining came into force.

The bill defines digital currency as a type of property and introduces a separate calculation for the tax base, which is defined as the excess of the asset's value over the costs of its purchase or extraction. Individuals will be required to pay personal income tax (PIT) at a progressive rate of 13% to 22% for income over 2.4 million rubles when selling digital assets.

Legal entities will pay income tax, which will be increased from 2024 to 20% from 25%. A two-stage system has been established for companies: determining the value of cryptocurrencies upon receipt into an account (calculated based on the closing price of trading on major exchanges on that day and converted into rubles at the Central Bank rate on that date), and taking into account the change in price upon sale - companies pay for growth or deduct a loss. Income from the sale of digital assets at this stage is calculated based on the actual price of its sale, but not less than 20% of its market price.

In addition, individuals and legal entities will be required to report information about transactions to the Federal Tax Service (FTS) if the amount of receipts and write-offs from cryptocurrencies exceeds 600 rubles per year (in equivalent). Mining infrastructure operators, in turn, will transfer information about the services provided to the control service, and if the data is not provided on time, they face fines.

The tax service may be given the right to request bank statements on individuals’ accounts that were used for cryptocurrency transactions, but only if there is a suspicion of violation of Russian law.

News source:happycoin.club

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Other articles published on Nov 14, 2024