The Russian government has approved a draft amendment to the mining bill, which introduces new rules for taxation and control in this area.
According to these changes, digital currency will be recognized as property for tax purposes, and income from mining will be accounted for at the market value of the currency received. In addition, expenses related to mining can be taken into account to reduce the taxable base.
The main provisions include the exemption of digital currency transactions from VAT and the establishment that income from such transactions will be included in the general tax base with income from securities transactions. The maximum personal income tax rate on income from cryptocurrency mining will not exceed 15%.
According to the amendments, mining infrastructure operators will be required to inform the tax authorities about persons engaged in mining using their infrastructure. To conduct mining, individual entrepreneurs and organizations must be registered in a special register, and those who do not have the status of individual entrepreneurs will be able to engage in mining, subject to energy consumption restrictions — no more than 6000 kilowatt-hours per month.
The Federal Tax Service (FTS) has already posted the "MiningRegister" service on its website for registering miners.
Read materials on the topic:
Under strict tax control: a new law on cryptocurrency has been adopted in Russia
Turn off the lights: Russia will start catching private miners
