The document obliges individuals and legal entities to report to the tax authorities on their ownership of cryptocurrencies,and also pay taxes for transactions with them.
The State Duma of Russia on February 17 adopted in the first readinga bill on taxation of cryptocurrency transactions, which was introduced to parliament by the government. 375 deputies voted for the bill, 13 more abstained. The document amends the Tax Code of the Russian Federation and obliges Russians to inform the tax authorities about the possession of digital currencies if the amount of transactions on them per year exceeds 600 thousand rubles.
Income from cryptocurrency transactions is offeredto impose personal income tax (PIT) or income tax, while there is no value added tax (VAT). For failure to provide data, tax authorities will be able to fine violators by 10% of the amount of digital currency write-off or the amount of digital currency received by the person who controls it. Also, the deputies propose to establish a fine of 50 thousand rubles for individuals and organizations that did not provide information on obtaining the right to dispose of digital currency, including from third parties, within the specified time frame.
Earlier draft law on taxation of cryptocurrencieswas approved by the State Duma Committee on Budget and Taxes. Corresponding amendments, if adopted, will be made to the basic law “On digital financial assets”.
</p></p>Read this:
The State Duma in the first reading adopted a law on the creation of a database of information about citizens
The State Duma of the Russian Federation will consider a draft law on taxation of cryptocurrencies
The Verkhovna Rada of Ukraine in the first reading adopted the law on cryptocurrencies
Market News The State Duma introduced a bill on the taxation of cryptocurrencies
The State Duma Committee supported the taxation of cryptocurrencies
The State Duma in the first reading allowed to spend part of the capital to the country