CoinVoice has recently learned that, according to Bitcoin.com, the Federation Council of the Russian Parliament approved a government-initiated bill on Wednesday outlining the tax framework for digital currencies. This legislation was passed in a plenary session and had been approved by the lower house, the State Duma, the day before.
The new law classifies digital currencies (including currencies used as payment tools under experimental legal frameworks) as property under Russian domestic tax law. This classification exempts digital currency mining and sales transactions from value-added tax (VAT), easing the financial obligations of industry participants. Furthermore, services provided by authorized organizations facilitating transactions within these experimental frameworks will also be tax-exempt.
An important provision requires mining infrastructure operators to report the personal data of individuals using their systems to tax authorities. Income from digital currency mining will be considered taxable income, forming the basis for personal income tax. Danil Volkov, head of the Russian Ministry of Finance department, stated that businesses engaged in mining activities must pay taxes at the standard corporate income tax rate. [Original link]