The government has approved amendments to the bill on mining, which introduce tax rules for cryptocurrencies in Russia. About this it says in a message on the Ministry of Finance website.
The Cabinet of Ministers approved the rules for taxation of cryptocurrencies
Author: Timur Batyrov
“As a result of discussion with business, a decision was made on the advisability of taxing the financial result from mining, as it most fairly reflects the results of this activity. This approach is aimed at maintaining a balance between the interests of business and the state,” the ministry said.
According to the new rules, cryptocurrency will be recognized as property, and income received from mining will be taken into account as digital currency is received in the amount of its market value. In this case, income can be reduced by expenses incurred in connection with mining.
Transactions with cryptocurrency will not be subject to VAT; income from such operations will be taken into account in the same tax base as income from transactions with securities. “Thus, the marginal personal income tax rate when taxing cryptocurrency will not exceed 15%,” the Ministry of Finance indicated.
They added that mining infrastructure operators will be required to report to the tax authorities about persons who mine cryptocurrency using this infrastructure.
Earlier it became known that Russia may temporarily ban mining in a number of regions from December as part of the fight against local energy shortages. The Ministry of Energy will consider the corresponding proposal at the intergovernmental commission on November 18. According to Kommersant, we are talking about the Irkutsk region, Buryatia, Trans-Baikal Territory, Karachay-Cherkess, Kabardino-Balkarian republics, North Ossetia – Alania, Ingushetia, Chechnya, Dagestan, Kherson and Zaporozhye regions, DPR and LPR.
Cover photo: eclipse_images/Getty Images
Source: rb.ru
