The Law on Crypto-Related Tax in Russia will be reviewed by Russian Deputies
The Russian federal government has proposed a draft law to the State Duma establishing guidelines for the taxation of cryptocurrency transactions. The law will make required changes to the country’s tax legislation in order to address a number of unanswered concerns.
The application of value-added (VAT) tax is one of the issues. According to the authors, VAT should be paid on services provided by operators of platforms issuing or trading digital financial assets (DFA), which in current Russian legislation includes cryptocurrencies.
According to Forklog, the tax base for “digital rights,” another legal definition that includes security and utility tokens, will be decided by the difference between the token’s sale and acquisition price.
Russian entities that possess tokens will be taxed at a rate of 13% on their digital rights’ revenues, while international firms will be taxed at a rate of 15%. By February 1 of the following year, issuers of digital financial assets will be required to file tax reports on the parties involved and the transactions performed during the current year.
According to Andrey Tugarin, managing partner at the legal firm GMT Legal, the law would not impact Russians who have cryptocurrency. The legislation, he continued, solely affects the market for digital financial assets and digital rights. It creates a tax structure that is similar to that which applies to the securities market.
In addition to the tax bill, the Russian government is prepared to present a new draft law “On Digital Financial Assets,” which the Ministry of Finance recently updated and submitted to the cabinet. The agency supports cryptocurrency legalization, whereas the Bank of Russia opposes it.
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