The Russian government has approved a number of amendments to the bill on cryptocurrency mining, which will regulate the taxation of digital assets. Cryptocurrency will be recognized as property, transactions using it will not be subject to VAT, and the marginal personal income tax rate will not exceed 15%. A message about this was published on the official website of the Russian Ministry of Finance.
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“The Russian Government has approved draft amendments to the draft federal law “On Amendments to Parts One and Two of the Tax Code of the Russian Federation.” The amendments introduce rules for taxation of income and expenses from mining digital currency, its purchase and sale, as well as the responsibilities of mining infrastructure operators related to tax control.”the ministry said in a statement.
It also says that after discussion with business, a decision was made on the advisability of taxing the financial result of mining. This approach is aimed at maintaining a balance between the interests of business and the state. Thus, cryptocurrency will be recognized as property for tax purposes, and income in the form of cryptocurrency received as a result of mining will be taken into account as it is received in the amount of its market value. At the same time, it will be possible to reduce income by expenses incurred during the mining process.
“Transactions with digital currency will not be subject to VAT. Income from transactions with digital currency will be taken into account in the same tax base as income from transactions with securities. Thus, the marginal personal income tax rate when taxing cryptocurrency will not exceed 15%.”the Ministry of Finance said in a statement. In addition to this, operators of mining infrastructure will be required to report to the tax authorities information about persons carrying out mining using their infrastructure.
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