The Russian State Duma might deliberate on a new bill on digital asset taxation on 17th February. The Russian policymakers are actively formulating new legislation for taxing virtual assets like Bitcoin.
As per an official announcement by the Russian State Duma, the Duma’s Committee on State Building and Legislation has permitted a bill on virtual asset taxation on 15th February. Notably, the new bill characterizes a set of modifications to the Russian federal tax code.
As per the draft bill, the Russian government officially identifies crypto as property, aiming to tax profits from digital currencies trading by Russian residents. The bill targets all domestic residents including citizens and foreigners, as well as Russian and international organizations established in the country.
Moreover, the listed entities will have to report their digital asset transactions if the overall amount of incoming or outgoing transactions surpasses six hundred thousand rubles (approximately eighty-one hundred USD) on an annual basis, as per the bill.
Furthermore, the aforementioned bill establishes penalties for non-observance like late reporting and providing erroneous info, proposing fines of up to ten percent from incoming or outgoing transactions. The proposed fine for partial tax payment is forty percent of the unpaid taxes, as per the draft bill.
Ensuing the committee’s consent, the Russian Duma is anticipated to consider the new digital currency legislation on 17th February, as per official state records.
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