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Russian Cabinet Approves Cryptocurrency Tax Rules

Russian Cabinet Approves Cryptocurrency Tax Rules

HappyCoinNewsHappyCoinNews2024/11/13 06:33
By:HappyCoinNews

Cabinet of Ministers of the Russian Federation approved the a bill to tax cryptocurrencies in the country, which was revived after mining regulations came into force.

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 text of the document states that 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 2025% 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.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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