The State Duma of the Russian Federation will consider a draft law on taxation of cryptocurrencies

The Russian government introduced draft amendments to the Tax Code to the State Duma, according to whichcryptocurrency is recognized as a property.adopted, the income of operations with digital currency will be subject to income tax or personal income (NDFL).

At the same time, digital currency will not be subject todepreciation, and the implementation of transactions related to its circulation will not be recognized as an object of value added tax (VAT). Writes about this RBC Crypto.

The bill also provides tax authoritiesauthorities have the opportunity, when identifying signs indicating a possible violation of tax laws, to request from banks statements of accounts of individuals that were used in connection with transactions with digital currency.Mandatory declaration will be subject to transactions with digital currency worth more than 600,000.rubles a year.

Providesresponsibility for late reporting of digital currency transactions and its balancesor 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.

Bill regulating taxationcryptocurrency 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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