Russia’s Government proposed to impose a 13% tax on crypto transactions

According to the document, crypto companies must provide tax information on transactions no later than February 1, 2023

15.04.2022 - 13:45

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What’s new? The Government of the Russian Federation has submitted to the State Duma a bill on the specifics of taxation for transactions involving digital assets. According to the document, Russian cryptocurrency organizations that issue digital assets and cryptocurrency exchanges will be subject to value-added tax (VAT) of 13%, while foreign companies will be subject to 15%. Crypto organizations will have to provide tax information on transactions no later than February 1, 2023.

The bill on the State Duma’s website

Discussion of cryptocurrencies in Russia. Earlier, the Ministry of Finance proposed to define a professional buyer of digital assets at the legislative level. The Ministry of Finance of the Russian Federation amended the draft law “On Digital Currency,” according to which the concept of a qualified investor has been replaced with a professional cryptocurrency acquirer.

Also, Russian Prime Minister Mikhail Mishustin said that more than 10 million Russians purchased cryptocurrency. According to him, Russian citizens invested more than 10 trillion Russian rubles in digital assets. On April 8, the Ministry of Finance finalized and submitted a draft federal law “On Digital Currency” to the government for consideration. According to a press release from the department, the document clarified and concretized some provisions, including those related to mining.

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