The Russians began to withdraw cryptocurrency-related revenues from the shadows, Izvestia writes with reference to the observations of such consulting companies as KPMG, PwC, FTL Advisers and Borenius, as well as the Center for Strategic Development (CSR).
FTL Advisers noted that Russians really began to voluntarily reflect income from operations with cryptocurrencies in tax returns, but most investors still take a “wait and see attitude.” They have until the beginning of May to submit the relevant information.
PwC associates the changes with the entry into force of the law “On digital financial assets”, as well as with the increased attention of the tax authorities of the Russian Federation to foreign assets of Russians. In addition, transactions for the purchase and sale of cryptocurrency are associated with the occurrence of records in the organization conducting them, for example, in a bank or brokerage company.
The Federal Tax Service did not comment on the activity of Russians in declaring income from cryptocurrencies, citing the fact that the collection of information for 2020 has not yet been completed. At the same time, the department noted that, in general, the procedure for taxing individuals’ income from operations with cryptocurrencies has already been explained in the letter of the Ministry of Finance No. 03-04-07 / 33234 dated May 17, 2018.
The document says the following:
“The tax base for transactions in the sale and purchase of cryptocurrencies is determined in rubles as the excess of the total amount of income received by the taxpayer in the tax period from the sale of the corresponding cryptocurrency over the total amount of documented expenses for its acquisition.”
Earlier, the FTS did not express its readiness to support the comments of experts regarding the declaration of cryptocurrencies.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
