The State Duma Committee on the Financial Market supported the bill on introducing taxation in the sphere of circulationcryptocurrencies:
Given the ubiquity of digitaltechnologies and expanding the scope of use of cryptocurrencies, including for illegal purposes, State Duma Committee on the Financial Marketsupports the concept of the draft federal law ... and recommends the State Duma to adopt it in the first reading
According to the bill, income from transactions with digital currency will be subject to income tax or personal income tax.
Citizens and organizations that have the right to dispose of it will be required to submit a declaration to the tax authority,if the amount of digital currency transactions exceeds 600 thousand rubles per year.
In case of non-payment or incomplete payment of tax, apenalty of 40% of the unpaid amountfor such operations. At the same time, digital currency will not be subject to depreciation, and transactions related to its circulation will not be subject to VAT.
The obligation to submit a declaration applies to both citizens of the Russian Federation and foreigners with a residence permit, as well as organizations working in Russia.
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