On November 11, the government commission on legislative activity considered amendments to the legislation regarding the taxation of cryptocurrency transactions. The changes have been approved, which means that Russians will soon have a new type of tax that will affect everyone who receives income from cryptocurrencies: from individuals to the self-employed.
Izvestia, citing documents for the meeting that are available to the editors, reports that the amendments were developed by the Ministry of Finance and agreed with the Ministry of Digital Development, the Ministry of Energy, and the Federal Tax Service.
According to the documents, digital currency will now receive the status of property in Russia. That is, individuals will pay personal income tax on its sale, organizations will pay income tax, and the self-employed and representatives of small businesses will also have to make deductions after the sale of cryptocurrency.
The tax base (that is, the amount from which the fee will have to be paid) for transactions with cryptocurrency will be calculated separately from other income. It is determined as the excess of the value of the digital currency over the cost of its purchase or extraction.
Also, citizens and legal entities will have to notify the Federal Tax Service of their transactions if the amount of receipts and write-offs of digital currency in their accounts exceeds 600 thousand rubles per year (in ruble equivalent).
At the same time, transactions with crypto will not be subject to value added tax, and relevant deductions can be made for cryptocurrency. The taxpayer will be able to return part of the tax paid on mining expenses if he/she documents his/her mining expenses.
It is also known that all operators of mining infrastructure will be required to transfer data on the services provided to the control service. Failure to provide such information on time will result in a fine of 40 thousand rubles.
It is also proposed to give the Federal Tax Service the right to request bank statements from individuals that were used for cryptocurrency transactions. With the caveat that this right will only be applied when there are suspicions that the account holders have violated the law.
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