Russia’s Duma is set to consider a bill to tax digital currencies today. The plan has already been approved by the Duma’s legislative committee.
to the the report Coin Telegraph, Russian lawmakers are preparing a new law under which the Russian government can tax digital currencies such as Bitcoin.
According to a statement from the Russian State Duma, the legislature on February 15 approved a bill to impose a tax on digital currencies.
The bill enacts a series of amendments to Russia’s federal tax code. Under part of the plan, the Russian government will recognize digital currencies such as bitcoin as an asset, with the aim of taxing the income of Russian citizens from digital currency transactions.
This law applies to all Russian residents, citizens and foreigners residing in Russia, as well as Russian and international organizations based in Russia.
Under the plan, listed entities will be required to report their digital currency inbound and outbound transactions annually if their total value exceeds 600,000 rubles ($ 8,100).
Violations of this law, such as late reporting and providing incorrect information, will be subject to a fine of up to 10% of all incoming and outgoing transactions.
The law also imposes a penalty of 40% on unpaid or non-payment of digital currency taxes.
According to the official announcement of the State Duma of Russia, after the approval of the new draft law on digital currencies in the relevant committee, the legislature is expected to discuss it today, February 17.
The first law in the field of digital currencies in Russia, entitled “Digital Financial Assets”, was officially implemented in January this year. The law prohibits digital currency payment for residents.
The previous law did not address specific issues in digital assets, such as taxation and extraction, despite granting legal status to the Russian digital currency industry. This has created ambiguity in the prospect of regulation in this area.