Markets news | The State Duma Committee recommended the draft law on taxation of digital currency for the 1st reading

The State Duma Committee on Budget and Taxes recommended the adoption in the first reading of the government bill,which recognizes digital currency as property, introduces its mandatory declaration.

chairman of the committee Andrey Makarov:

This is a very important topic, and it is obvious that we are doing something through digital currencyfinancing a wide variety of things andthere is a turnover that is not controlled in any way, tax evasion and whatever... Here the relevance of the topic is certainly important.

The draft law contains amendments to the Tax Code, according to which the following are subject to mandatory declarationOperations with "digital currency"over 600,000 rubles per yearandThe Federal Tax Service will have the right to demand from banks statements of individual accounts, if the transactions on the accounts are related to the transfer of digital currency and there are signs of a possible violation of tax legislation.In order to apply the Tax Code, it is proposed to recognize digital currency as property.

For the second reading, the deputies recommend clarifying the basic law on digital financial assets.

Last week, the Council for Codification andimprovement of civil legislation under the president did not support this bill. The council decided that the use of the concept of "digital currencies" in tax legislation would create uncertainty in the tax regime for a huge number of Russian economic entities and problems in law enforcement practice.

Pavel Krasheninnikov, Chairman of the State Duma Committee on Legislation, said thatthe establishment of a tax regime for digital currencies is possible only after inclusion in the Civil Code(GC) of the very concept of "digital currency", even if its civil circulation is restricted.

For failure to submit a reportAbout Digital Currency Transactions and Balancesor submission of false information is subject to a finein the amount often%the greater of the two amounts in ruble equivalent — receipts or write-offs of foreign currency, information on which was not provided,for violation of the deadline for submitting information - a fine of 50,000 rubles. If a taxpayerdid not include in the tax base profit or income from operations, settlements for which were carried out using digital currency, it was proposed to imposea penalty of 40% of the amount of unpaid tax in relation to such transactions.

The State Duma will consider the document in the first reading at a meetingFebruary 17.

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