Russia Imposes Tax on Cryptocurrency


Published on 02 Apr. 2018
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New changes are coming in the Russian legislation that will affect the tax code. According to the new rules, the selling of cryptocurrencies will be imposed to the Tax on Individual Person’s Income (TIPI) and will make 13%.

State Duma of the RF, as well as the Ministry of Finance and the Russian Association on Cryptocurrencies and Blockchain, are working on the new changes to the law project, introduced earlier to the deputies. From now on, a debtor-bankrupt will be charged with cryptocurrencies, and cryptocurrency selling will be imposed to TIPI.

In the previous document, mining has received the definition of entrepreneurship, and miners have been said to register as entrepreneurs and pay taxes.

Anatolii Aksakov, the deputy of the Russia Duma, suggested a two-year term for getting used to the new taxes, the so-called tax holidays.

The deputies are planning to vote for the law in summer this year. The legislative changes do not define a specific order for paying tax. Those who received profit from buy-sell, should fill out the declaration at their discretion and pay the tax. 

All the details became known on the conference “BlockchainRF – 2018 that took place at the end of March in the capital of Russia.

As for the useful effect of such changes in legislation, criminal lawyers expressed their doubts. They insisted that it would be impossible to detect subterranean miners and owners of digital wallets without a clear plan of work of the Federal Tax Service.

At the moment, no one has experience in organizing work in this sphere, and the state apparatus isn’t adapted to anonymity and independence of digital money. However, specialists assure that it is possible to detect miners and those who are involved in cryptocurrencies with the help of foreign accounts.

During the discussion, experts concluded that the criminal liability is possible for the non-payment of taxes. So the advice is standard for everyone – one needs to report to the Tax Service and pay taxes.

As for the criminal liability, earlier it was mentioned by the deputy head of the Minister of Finance Aleksei Moiseev. It was in the context of changes in the law project that would concern not only cryptocurrencies but any money substitutes in general. As far as last year, Moiseev announced the changes to legislation for imposing the criminal liability for the organization of payments with money substitutes on an especially large scale. 


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