The government approves the bill on taxation of transactions with cryptocurrencies
The government of the Russian Federation approved a draft law on the procedure for providing tax reporting when carrying out operations with cryptocurrencies. The decision was taken at a meeting on November 26, the report of which was published today.
“To approve the draft federal law” On Amendments to Parts One and Two of the Tax Code of the Russian Federation “and submit it to the State Duma in accordance with the established procedure,” the government decided.
In September, the Ministry of Finance of the Russian Federation sent out the text of the draft law to interested departments with a proposal to introduce administrative and criminal liability for violations of the tax regime when carrying out transactions with cryptocurrencies. In November, the amounts from which liability comes were clarified. Thus, citizens face up to three years in prison and a fine of 500,000 to 2 million rubles, if in three years they have not reported to the tax office at least twice about transactions with digital currencies in the amount of 45 million rubles.
In addition, the owners of cryptocurrencies are proposed to be obliged to report to the tax authorities on the receipt of digital currency, on transactions with it and on its balances in the cryptocurrency wallet, if the amount of transactions exceeds the equivalent of 600,000 rubles in a calendar year. For failure to provide information, a fine of 50,000 rubles is provided, and for providing false information – 10% of the amount received or written off, depending on which of them turns out to be the largest. For non-payment of tax on cryptocurrency income, you will have to pay a fine of 40% of the amount of unpaid tax.
Russian Prime Minister Mikhail Mishustin said this week that the government will direct the development of the cryptocurrency market in a civilized direction, recognizing them as property and ensuring the protection of the corresponding property rights.
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