Russian government submits a draft law on the taxation of crypto market operations.
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market for digital assets.submitted
One of the aspects is the application of value-added tax . According to the authors, VAT should be levied on services provided by operators of platforms issuing or exchanging digital financial assets , a term encompassing cryptocurrencies in current Russian law. Russian entities owning tokens will pay 13% of the revenues from their digital rights while the tax rate for foreign companies will be 15%. The issuers of digital financial assets will be obliged to file tax reports on the parties involved and the transactions made during the current year by Feb. 1 of next year.
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