Russia’s State Duma, the country’s lower house of parliament, approves new legislation for the crypto taxation in its presentation, RIA Novosti reported earlier today on Wednesday.
The bill proposes to acknowledge crypto assets as property for purposes of taxation, which Prime Minister Mikhail Mishustin has earlier added would bring holders legal protection and rights in court disputes.
Cryptocurrency users would be required to declare receipts of cryptocurrency exceeding 600k rubles [$8,184 USD] per annum.
Failure to declare would end in a fine of 10% of the undeclared amount or an article off of such currency, whichever is more.
A penalty of 40% of the specified amount of taxation is going to be applied for non-payment or incomplete payment of tax.
Ahead of the bill’s presentation, the State Duma Committee on Budget and Taxes is questioning the validity of the Federal Tax Service’s right to determine the procedure for determining a cryptocurrency market value, as this doesn’t suit existing provisions of the Tax Code.
Cryptocurrencies won’t be a legal means of payment beneath the proposed change to the law.
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