Market news | The Ministry of Finance proposes to tax the revaluation of cryptocurrency for legal entities, does not propose to consider it as property

The Ministry of Finance proposes the following taxation scheme for digital currencies.

Based on the bill introducingamendments to the Tax Code. It was adopted in the first reading and is now being considered in the State Duma. Now amendments will be prepared to it

✓ tax on revaluation of cryptocurrency forlegal entities: crypto exchanges, mining farms, etc. Even if companies did not sell cryptocurrency, in July they will have to reassess its value in their accounts and pay tax.

✓ It is not proposed to levy property taxes on cryptocurrencies

✓ It is proposed not to charge VAT on crypto platforms. To this end, it is proposed to recognize work with cryptocurrency as financial services, which, by analogy with the banking industry, will allow tax not to be collected.

✓ Individual investors are encouraged to take personal income tax after selling cryptocurrency.

There is information that on February 15, a meeting will be held between Finance Minister Anton Siluanov, Deputy Prime Minister Dmitry Grigorenko and the head of the Central Bank Elvira Nabiullina on the topic of cryptocurrency turnover.
By February 18, the Central Bank and the Ministry of Finance, according to Grigorenko’s instructions, must prepare a bill on organizing the circulation of digital currencies.

The Ministry of Finance proposed a taxation scheme for cryptocurrencies | Forbes.ru