On November 29, BlockBeats news reported that Russian President Vladimir Putin signed a law regulating the taxation of digital currencies. According to the law, digital currencies are recognized as property, including those used for foreign trade payments within the Experimental Legal Regime (EPR) in the field of digital innovation.
The mining and sale of digital currencies are not subject to VAT. Mining infrastructure operators must report to tax authorities on users of their services to issue cryptocurrencies, and failure to do so is punishable by a fine of 40,000 rubles. For personal income tax purposes, digital currency earned through mining will be classified as in-kind income, and the value of the resulting currency will be determined based on market quotes.
Such income will be taxed at the usual progressive rates, taking into account tax deductions on the amount of mining fees. Income from the acquisition, sale, or other circulation of digital currencies will be taxed at a two-stage personal income tax rate (13% for income up to 2.4 million rubles, 15% for income exceeding this amount).
Trading income from securities, bank deposits, and other sources will be brought into the same tax base. In terms of corporate income tax, digital currency mining will be taxed at the standard rate (25% from 2025).
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