The Tax Service of the Russian Federation received information about more than 100,000 users of the LocalBitcoins P2P platform in 2021. Andrey Tugarin, managing partner of the law firm GMT Legal, announced this with reference to these departments.
LocalBitcoins is registered in Finland and interacts with the Finnish police and tax authorities on an ongoing basis. Direct information about the clients of the platform is not provided to the state bodies and services of the Russian Federation.
Andrey Tugarin said that LocalBitcoins transmits data to tax authorities in Finland, which, in turn, provides them at the request of the Federal Tax Service of the Russian Federation under the Convention on Mutual Administrative Assistance in Tax Matters. It is this procedure that gives the transmitted information official status. The expert says that right now the Russian authorities are actively dealing with the issue of cryptocurrencies, and therefore they want to get the maximum amount of data on the holders of digital assets in the country.
Users on the popular Pikabu resource have already reported receiving “letters of happiness” from the tax authorities.
Tugarin notes that Localbitcoins users who are not residents of Finland should be concerned, as they will have to answer to local authorities. He recommends addressing the issue of drawing up a declaration and preparing a report for the tax authorities. The reporting period ends on May 4th. Otherwise, users may face heavy fines.
For non-payment or incomplete payment of tax, a fine of 40% of its amount will be imposed. For undeclared crypto assets in a particularly large amount (more than 45 million rubles for three years), a fine in the amount of 500 thousand to 2 million rubles, forced labor for up to five years or imprisonment for up to three years is expected.
However, so far in Russia there are no special rules for declaring and taxing cryptocurrencies. It is equated to property, and the income from its sale is subject to personal income tax. You can declare income in a general manner: individuals must file a tax return in the form of 3-NDFL and pay tax. At the same time, a tax rate of 13% is applied, and for income exceeding 5 million rubles – 15%.
Recall that on February 17, 2021, the State Duma of the Russian Federation in the first reading adopted as a basis a bill on taxation of transactions with cryptocurrencies. It is expected that it will be finally adopted before the end of the spring session.
Source: ixbt
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