The Russian Federation is negotiating a new government bill introducing tax standards for cryptocurrencies

The Russian Federation is negotiating a new government bill introducing tax standards for cryptocurrencies

The State Duma of the Russian Federation received a government proposal from the Committee on Budgets and Taxes to introduce new tax rules in the area of ​​cryptocurrencies.


16 Feb 2021 , 10:29 @ Katie Müller

The Russian Federation is negotiating a new government bill introducing tax standards for cryptocurrencies

The State Duma of the Russian Federation received a government proposal from the Committee on Budgets and Taxes to introduce new tax rules in the area of ​​cryptocurrencies.
St. Basil’s cathedral on red square in Moscow

The Committee on Budgets and Taxes of the State Duma of the Russian Federation has recently drafted a new bill that clearly defines the taxation of cryptocurrencies. The committee has already sent this proposal for approval and strongly recommends that it be adopted by the lower house of parliament at first reading.

According to this document, which was available to the Russian daily TASS, the digital currency will be categorized as property. Income from digital currency transactions will be subject to income tax or personal income tax.

The law also takes into account tax authorities, which will be able to require bank statements from persons who have carried out transactions in digital currencies from banks after the adoption of the law.

The bill also establishes liability if traders or persons operating with cryptocurrencies do not submit reports on these transactions and their balances.

In case of violation, the fine will be 10% of the largest of the two amounts – the receipt of digital currency by a person or the amount of digital currency debited by a person who has the right to dispose, including through third parties, of this digital currency, information about which was not provided for the corresponding year.

TASS

The State Duma plans to consider this law at a meeting on February 17.

Read also: Tesla and other large companies that support cryptocurrencies have forced the US regulator to think about clear rules

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