The State Duma deputies in the first reading approved the bill on taxation of income from operations with cryptocurrencies. RIA Novosti reports.
The draft law, which came from the government, proposes to treat digital currencies as property. Income from transactions with them will be subject to income tax or personal income tax (PIT). Ordinary Russians and organizations entitled to dispose of such digital assets will have to file a tax return when the amount of transactions with cryptocurrency exceeds 600 thousand rubles per year. The cryptocurrency will not be depreciated, and transactions related to its circulation will not be subject to VAT.
If the owner of the cryptocurrency does not pay tax or does not do it in full, he will face a fine of 40 percent of the required amount. If he does not submit a tax return, violates deadlines or introduces inaccurate data into the document, he will have to pay a fine of 10 percent of the receipt of undeclared digital currency or the amount of such currency debited. The greater of the two amounts will be preferred. For violation of the terms of declaration, a fine of 50 thousand rubles is imposed.
In addition, the Federal Tax Service (FTS) will be able to request from banks statements of accounts of individuals that were used for transactions with cryptocurrency.
Earlier, Prime Minister Mikhail Mishustin noted that the recognition of digital currency as property would allow its owner to count on legal protection and defend his rights in court.