March 28, 2024

The Cabinet has introduced a draft law on the recognition of cryptocurrencies as property in the State Duma

Deputies will consider proposals from the Russian government on taxation in the field of cryptocurrencies. Income fromtransactions with them will be subject to income tax or NDFL.

The Russian government has submitted a draft to the State Dumaamendments to the Tax Code, according to which cryptocurrency is recognized as property. If the document is adopted, income from operations with digital currency will be subject to income tax or personal income tax (PIT). At the same time, digital currency will not be subject to depreciation, and transactions related to its circulation will not be recognized as subject to value added tax (VAT).

The bill also allows tax authorities to require banks to claim statements on the accounts of individuals used in connection with digital currency transactions.Mandatory declaration will be subject to transactions with digital currency worth more than 600,000.rubles a year.

Responsibility foruntimely submission of a report on transactions with digital currency and its balances or a report containing false information. In this case, the fine will be 10% of the greater of two amounts - the receipt of digital currency to the person or the amount of debiting the digital currency. In case of non-payment or incomplete payment of tax, the penalty will be 40% of the amount of unpaid tax.

Tax Billcryptocurrencies in the Russian Federation, was approved by the Russian government on November 26. Then, at the opening of the Cabinet meeting, Prime Minister Mikhail Mishustin noted that it is planned to consolidate the recognition of digital financial assets as property, the owners of which can count on legal protection in the event of any illegal actions, as well as defend their property rights in court.

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