Russia adopted a law on taxation of cryptocurrencies

Today the State Duma of the Russian Federation adopted a draft law on the taxation of cryptocurrency transactions.

Onthis week the Budget Committee of the State Dumarecommended that the lower house support the law on taxation of transactions with cryptocurrencies. Today legislators supported this initiative – Now income from crypto transactions will be subject to either income tax or personal income tax. 

Citizens and residents of Russia, as well as companies,carrying out digital transactions must report all transactions to the tax service, if the turnover of cryptocurrencies for the year exceeds 600 thousand rubles.

The bill also provides for a list of legal consequences for those who evade paying taxes or declaring crypto assets.

In case of refusal to pay or incomplete paymenttax, the offender will have to pay a fine of 40% of the unpaid amount. For late submission, submission of an inaccurate declaration or refusal to submit a crypto declaration, a fine of 10% of the receipt of undeclared digital currency or the amount of asset write-off is established.

In case of violation of the declaration deadlines, the fine will be 50 thousand rubles. 

Owning a cryptocurrency itself will not be subject to tax, provided that the holder does not conduct any transactions. 

Subscribe to ForkNews on Telegram to keep abreast of news from the world of cryptocurrencies