The State Duma will consider a draft law on taxation of transactions with cryptocurrencies tomorrow – Bits Media

State Duma Committee on Budget and Taxes approved the bill, regulating the taxation of income from operations with cryptocurrencies.

Authors of the bill recognize digital assets, including cryptocurrencies, property. Transactions with these assets should be taxed income tax or personal income tax (NDFL), but are not subject to value added tax (VAT).

If the bill is adopted in its current form, any Russian citizens and companies, as well as foreign citizens and stateless persons, will have to report to the tax authorities about the turnover of digital assets, if the amount of receipts or write-offs of digital currency for the year exceeds 600 thousand rubles. At the same time, local authorities of the Federal Tax Service will be able to independently request statements from banks on those accounts of individuals, which were used to work with cryptocurrencies. This will require a visa from the head of the higher tax authority..

“Given the ubiquity of digital technologies and the expansion of the scope of the use of cryptocurrencies, including for illegal purposes, The State Duma Financial Market Committee supports the concept of the draft federal law "On Amendments to Parts One and Two of the Tax Code of the Russian Federation" and recommends to the State Duma to adopt it in the first reading ", - said in the conclusion of the committee on the financial market.

The bill also provides for penalties - fines for failure to provide information on cryptocurrency trading, as well as for non-payment or incomplete taxes for such operations.

Expected, what already tomorrow, 17 february, Госдума рассмотрит законопроект в первом чтении.

In the beginning of December 2020 года председатель комитета Госдумы по финансовому рынку Анатолий Аксаков заявил, that cryptocurrencies are a highly profitable business and need to be taxed, like any business activity.