According to the official, the Federal Tax Service (FTS) and other departments are now negotiating with participants in the crypto industry. Decisions on taxation of cryptocurrency mining will be made after basic legislative changes to regulate the industry are approved.
If an excise tax is introduced on electrical energy used for mining, miners will be required to pay a fee based on the amount of energy consumed per kilowatt-hour. This indicator will be multiplied by the selected bet.
Another option that the authorities are discussing is a general tax regime, for example, an income tax. In this case, companies will pay tax at the end of the year on the income received, emphasized the deputy director of the financial policy department of the Ministry of Finance.
When calculating income tax, all cryptocurrency received and transferred to the electronic wallet will be taken into account. Confirmed expenses are subtracted from income and this figure is multiplied by a rate of 20%. It will increase to 25% from 2025.
Representatives of mining companies taking part in negotiations with the authorities opposed the introduction of the excise tax. Director of the Industrial Mining Association Sergei Bezdelov said that with a growing market, the federal budget will not receive additional revenue, and if a “crypto winter” comes, companies may go bankrupt.
Earlier it became known that the Innopolis Tech company is going to create the country’s largest cryptocurrency mining farm in Tatarstan. Investments in the project will amount to about $100 million, and the hashrate of the equipment will reach 3 EH/s.
Source: Bits
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