On February 17, the Russian State Duma adopted in the first reading a bill on taxation of cryptocurrency transactions, which was introduced to parliament by the government. 375 deputies voted for the bill, 13 more abstained. The document makes changes to the Tax Code of the Russian Federation and obliges Russians to inform the tax authorities about the possession of digital currencies if the amount of transactions on them per year exceeds 600 thousand rubles, writes RBC Crypto.
Income from operations with cryptocurrency is proposed to be levied with personal income tax (PIT) or income tax, while no value-added tax (VAT) is provided. For failure to provide data, the tax authorities will be able to fine violators by 10% of the amount of digital currency write-off or the amount of digital currency received by the person who controls it. The deputies also propose to establish a fine of 50 thousand rubles for individuals and organizations that did not provide information on obtaining the right to dispose of digital currency within the specified timeframe, including from third parties.
Earlier, the draft law on taxation of cryptocurrencies was approved by the State Duma Committee on Budget and Taxes. Corresponding amendments, if adopted, will be made to the basic law “On digital financial assets”.

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.