Today, 29 November 2024, the President of Russia signed Law No. 418-FZ, which introduces taxation of income from mining and from transactions with digital currencies.
The bill is an important stage in bringing digital assets into Russia's legal and tax systems.
The main changes:
1. Digital currency is recognised as property:
Amendments have been made to Article 38 of the Tax Code, defining digital currency as property. This is an important step towards legalising cryptocurrencies in the tax system.
2. Accounting for transactions with digital currency:
New articles and paragraphs have been introduced, governing the taxation of mining and of the sale of digital currencies, including how the tax base is determined and how expenses are taken into account.
3. Duties of operators of mining infrastructure:
Operators are required to give the tax authorities information on the activity of users who mine. A fine of RUB 40,000 is provided for supplying the information late.
4. Taxation of mining:
• The tax base for income from mining is determined by reference to the market quotation of the digital currency.
• Rules are laid down for taking into account expenses connected with mining.
5. Particulars of the tax accounting of digital currencies:
• Expenses connected with mining are treated as indirect.
• Income from transactions with digital currency is accounted for separately from the general tax base.
6. Support for experimental legal regimes:
Tax relief, and simplified conditions, are established for transactions with digital currencies within special regimes.
7. Rates and relief:
• Mining expenses may be deducted from the taxable base.
• Losses from transactions with digital currencies in past periods may reduce the tax base of the current period.
Although mining in Russia has received recognition in legislation, its development is held back by energy constraints and by regional bans. Miners should take these factors into account when they plan their activity.
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