A month ago, the State Duma of the Russian Federation determined the basis for regulating cryptocurrencies in Russia. The register of miners was entrusted to the Federal Tax Service (FTS), and the government received the right to prohibit the mining of cryptocurrencies in certain constituent entities of the Russian Federation. Today there was a logical continuation – the State Duma immediately adopted in the second and third reading amendments to the Tax Code on the taxation of cryptocurrencies.
The adopted amendments recognize digital currency as property for tax purposes. The document establishes the rules for taxing income and expenses from mining digital currency and its purchase and sale. The responsibilities of mining infrastructure operators related to tax control have been determined – they will be required to report to the tax authorities about miners using their equipment. For failure to fulfill this obligation, a fine of RUB 40,000 is provided.
For individuals, income from transactions with cryptocurrency will be included in the general tax base along with income from transactions with securities. If the total annual income in this case does not exceed ₽2.4 million, it will be subject to personal income tax at a rate of 13%; if it exceeds, a rate of 15% is established.
In accordance with the explanations of the director of the tax policy department of the Ministry of Finance of the Russian Federation Danila Volkov, income from mining of legal entities will be subject to income tax at the standard rate, which from 2025 will increase from 20% to 25%. Income received from mining in Russia will be subject to taxes in Russia. Operations related to the mining of digital currency and its sale, as well as the services of an authorized organization that ensures the conclusion of transactions with it within the framework of the experimental legal regime, are exempt from VAT.
Income from mining will be determined based on the market quote of the cryptocurrency – the closing price on a foreign crypto exchange – on the date of recognition of income. The information of a crypto exchange will be recognized as reliable provided that the cryptocurrency trading volume is at least ₽100 billion on the corresponding day and the data on quotes are posted on the official website of the exchange for three years.
When making transactions through two or more exchanges, the taxpayer will be able to choose the market quote for tax calculation. Income from the sale of digital currency is considered to be the actual amount of sale, but not less than the market quote reduced by 20%.
Individuals and organizations carrying out transactions with cryptocurrency are prohibited from switching to paying a single agricultural tax, using preferential treatment for the self-employed, or using a patent or simplified taxation system.
The adopted amendments come into force on January 1, 2025.
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