Monday, June 24, 2024

The Tax Committee of the State Duma approved a bill on taxation of cryptocurrencies :: RBC.Crypto


The document, proposed by the Russian government, introduces income tax or personal income tax on income received from transactions with digital currencies.

The Budget and Tax Committee of the State Duma recommended that the deputies approve in first reading a bill that will create a taxation mechanism in the field of cryptocurrency circulation in the Tax Code of the Russian Federation. Previously, the document was submitted to parliament by the Russian government. TASS.

The bill says that the digital currency is property, and the income from operations with said currency is subject to personal income tax (PIT) or income tax, while value added tax is not provided ( VAT).

The document, if adopted by the State Duma, will give the tax authorities the right to demand declarations on transactions in the accounts of natural persons if they are suspected of infringing tax legislation in the field of digital currencies. Such a request requires the consent of the head of the higher tax authority or his deputy. According to the bill, Russian citizens, stateless persons, foreigners residing in Russia, international organizations and companies established in the country, as well as their branches and representative offices, are obliged to inform the tax authorities about the balance and turnover of backgrounds in digital. currency, if the annual turnover in this currency amounted to more than 600 thousand rubles.

In case of violation of these rules, the tax authorities will have the right to fine offenders 10% of the amount of digital currency canceled or the amount of digital currency received by the person who controls it. Another fine of 50 thousand rubles was established for individuals and organizations that did not provide information on how to obtain the right to dispose of digital currency within the specified time, even from third parties.

The document will be considered by the State Duma at a meeting on February 17. The corresponding amendments to the basic law “On Digital Financial Assets” will be made, said Andrey Makarov, chairman of the budget and tax committee.

Formerly in Russia broke in the law “On Digital Financial Assets”, which defined the concept of cryptocurrency and prohibited its use in the country as payment for goods and services.

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You can find more news about cryptocurrencies in our telegram channel RBC-Crypto.

Ebenezer Robbins
Ebenezer Robbins
Introvert. Beer guru. Communicator. Travel fanatic. Web advocate. Certified alcohol geek. Tv buff. Subtly charming internet aficionado.

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