April 17, 2021

Russians actively declare cryptocurrency income

Russians actively declare cryptocurrency income

After the entry into force of the law on digital assets, Russians began to actively declare income from cryptocurrency transactions.

The tax service of the Russian Federation recorded a surge in the filing of cryptocurrency tax returns and the payment of personal income tax from transactions with digital assets.

FTS representatives said that citizens have becomemore often include cryptocurrency in declarations. They speculate that this is due to the tightening of tax policy and the tracking of transactions of Russians abroad.

Citizens began to voluntarily withdraw cryptocurrency incomes from the shadows in order to avoid fines and confiscations, and also have the right to judicial protection.

The deadline for filing declarations ends on May 1. The agency notes that, despite the increased filing of returns, many investors are still waiting and in no hurry to report income.

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