According to BlockBeats, on November 29, Russian President Vladimir Putin signed a law regulating the taxation of digital currencies, according to TASS.
According to the law, digital currencies are recognized as property. This also applies to currencies used for foreign trade payments "within the framework of the Experimental Legal Regime in the Field of Digital Innovation (EPR)". The mining and sale of digital currencies are not subject to VAT. Operators of mining infrastructure must report to the tax authorities the issuance of cryptocurrencies using their services. Failure to transmit such information on time is subject to a fine of 40,000 rubles.
In terms of personal income tax payment, digital currency obtained through mining will be classified as income in kind (a term typically used when payment is made with goods or services instead of money). The value of the income will be determined based on market quotations. Such income will be taxed at the usual progressive tax rates, taking into account the tax deductions for mining expenses.
At the same time, income from the acquisition, sale, or other circulation of digital currency will be taxed at a two-tier personal income tax rate (13% for income up to 2.4 million rubles, and 15% for income exceeding this amount). They will be included in the same tax base as income from securities, bank deposits, and other sources of transaction income. In terms of corporate income tax, digital currency mining will be taxed at the standard rate (25% starting in 2025).