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The State Duma will consider a bill on taxation of transactions with cryptocurrencies tomorrow

The State Duma will consider a bill on taxation of transactions with cryptocurrencies tomorrow

The State Duma Committee on Budget and Taxes has approved a bill regulating the taxation of income from operations with cryptocurrencies.

The authors of the bill recognize digital assets, including cryptocurrencies, as property. Transactions with these assets should be subject to income tax or personal income tax( personal income tax), but are not subject to value added tax (VAT).

If the bill is adopted in its current form, any Russian citizens and companies, as well as foreign citizens and stateless persons, will have to report to the tax authorities on the turnover of digital assets if the amount of receipts or write-offs of digital currency for the year exceeds 600 thousand rubles. At the same time, the local authorities of the Federal Tax Service will be able to independently request bank statements for those accounts of individuals that were used to work with cryptocurrencies. To do this, you will need a visa from the head of a higher tax authority.

“Given the ubiquity of digital technologies and the expansion of the scope of use of cryptocurrencies, including for illegal purposes, the State Duma Committee on the Financial Market supports the concept of the draft federal law “On Amendments to Parts One and Two of the Tax Code of the Russian Federation” and recommends that the State Duma adopt it in the first reading,” the committee on the Financial market said in its conclusion.

The bill also provides for penalties — fines for failure to provide information about cryptocurrency trading, as well as for non-payment or incomplete taxes for such operations.

It is expected that tomorrow, February 17, the State Duma will consider the bill in the first reading.

In early December 2020, the chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov, said that cryptocurrencies are a highly profitable business and it should be taxed, just like any business activity.