As the popularity of cryptocurrencies is growing rapidly with each passing day, regulatory authorities and tax authorities from across the whole globe have also started tightening their grip further on digital currencies. Where financial regulators are focused on introducing new rules and regulations for crypto assets, tax authorities are planning new bills for taxing digital assets. According to a report, the Russian State of Duma is planning on introducing a new bill for the taxation of cryptocurrencies.
A Bill Was Approved On Crypto Taxation
The State Duma (the Federal Assembly of the Russian Federation) reported in an official announcement published recently that a new bill on crypto taxation was approved by its Committee on State Building and Legislation (CSBL) recently on the 15th of February. This bill consists of new amendments to the federal tax code of the country.
After the approval of the bill by Duma’s Committee, the bill is now set for further consideration by the State Duma, which will consider the bill on the 17th of February. The new bill is an indication of the fact that the lawmakers of Russia are gearing up for introducing new legislation to impose taxes on digital assets such as Bitcoin (BTC).
Officially, the government of Russia has recognized digital currencies as a property as a part of the country’s proposed draft bill. And now it aims to make tax profits by taxing the citizens of the country for their cryptocurrency trading. Reportedly, the bill will aim at enforcing taxes on all of the domestic residents of the country, including foreigners too. It will also target the international organizations dealing with cryptocurrencies present in the country of Russia.
There Will Be Penalties For Violating The Bill
As per the bill, the country’s government will require all of the entities to report their digital currency transactions if the total amount of transactions (either outgoing or incoming) surpasses the figure of $8,100 (600,000 rubles) on a yearly basis.
However, there are certain penalties for those who violate the bill. If individuals fail to report their cryptocurrency transactions report on time or provide incorrect information, they will be charged with a 10 percent fine. The draft bill further states that there will be a fine of up to 40 percent for those whose tax payments remain incomplete.
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