Taxation of the Cryptocurrency Income in the Territory of Russia Will Be Regulated in Accordance with Existing Legislation
The activity of the miners and owners of cryptocurrency living on the territory of the Russian Federation will be regulated in accordance with the Code of Internal Revenues. Such a statement was published by the local news agency Izvestia on July 18.
Anatoly Aksakov, who holds the post of chairman of the State Duma Committee on Financial Markets, noted that regulators intend to adopt a bill regulating cryptocurrency income during the autumn session of the State Duma.
It should be noted that Aksakov said that the cryptocurrency income will be regulated by the existing Tax Code since regulators do not consider the possibility of introducing a separate regulatory framework for taxing the currency.
Aksakov clarified that persons involved in the circulation of virtual currencies will pay income tax from the population, and legal entities will have to pay taxes in accordance with their type of business. He told Izvestia that in the future there might be separate taxation schemes for the extraction and distribution of crypto fibers if the government deems it necessary. Aksakov added:
Reportedly, the miners engaged in private activities will pay income tax for individuals, while companies will declare income and pay tax in accordance with the type of their business.
“If they want to determine [tax rates] for these types of businesses separately, they will. We are not addressing tax issues in any way so far.”
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