Russia’s State Duma passed the first reading of the draft law on taxes on transactions with digital assets

The document defines the calculation formula and the amount of the tax

18.05.2022 - 10:25

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What’s new? The draft law on the introduction of taxation of transactions with digital financial assets (DFAs) has been passed by the Russian State Duma in its first reading. The relevant information has been published on the department’s website. According to the document, the tax base for transactions with DFAs is defined as the difference between the sale and purchase price, including taxes.

The bill on the website of the Russian State Duma

What taxes are planned to be introduced? For Russian companies, the tax on income will be 13%, while foreign companies will pay 15%. Information system operators’ services and the issuance of DFAs will be exempt from VAT.

What events happened before? According to the head of the State Duma Committee on the Financial Market Anatoly Aksakov, three platforms for the issuance of digital financial assets (DFAs) by SberBank, Norilsk Nickel, and Transmashholding have already been registered in Russia, with two more being prepared for launch. And by the end of 2022, the first DFAs can be issued.

In April, the Bank of Russia discussed the concept of organized DFA trading with market participants: brokers, exchanges, and information system operators who have the right to issue an asset.

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