The Russian Finance Ministry has described a rough taxation system for cryptocurrencies

The Deputy Finance Minister spoke about the digital asset revaluation tax

15.02.2022 - 09:15

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2 min

What’s new? Deputy Finance Minister Alexey Moiseev gave an interview to Forbes in which he spoke about amendments to the draft law on taxation of cryptocurrencies. The main change will be a tax on the revaluation of cryptocurrencies for legal entities. According to the Deputy Minister, even if the companies haven’t sold cryptocurrency, “in July they will have to reassess its value on their accounts and pay tax.”

Forbes’s material

What else did Moiseev say? According to the Deputy Minister, the Ministry of Finance has no plans to impose property tax and VAT for the crypto platforms. For this purpose, cryptocurrency operations should be recognized as a financial service. It is proposed to charge personal income tax after the sale of cryptocurrency. Moiseev explains:

“If a person bought bitcoin for $100 and sold it for $200, he should pay 13% tax on the profit of $100 in July. The tax will have to be paid generally by July 15.”

Also, according to the Deputy Minister’s calculations, the legalization of cryptocurrencies can bring about 10-15 billion Russian rubles to the budget. Most of the funds are expected to come from miners.

How does the government plan to regulate mining? Izvestia reports that the Ministry of Economic Development is proposing to introduce reduced tariffs on mining for legal entities in regions with stable electricity. According to the Ministry of Economic Development, this will allow for a competent distribution of energy in the region. Earlier, the Chamber of Commerce and Industry suggested equating mining with entrepreneurship.

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