BlockBeats news, on November 19, according to The Block, citing the Russian news agency Interfax on Monday, reported that the Russian government has approved a draft amendment to a bill aimed at taxing income and expenses from cryptocurrency transactions and mining activities.
According to the proposal, cryptocurrencies will be classified as 'property' for tax purposes. This means that income generated from mining activities will be taxed at its market value at the time it is received. However, miners can deduct expenses related to mining activities from their taxable income.
In addition, cryptocurrency transactions will be exempt from value-added tax, while transaction income will be subject to the same tax rate as securities transactions, with a maximum personal income tax rate of 15%.