Odaily Planet Daily News: The Federation Council of the Russian Parliament approved a government-initiated bill on Wednesday that outlines the tax framework for digital currencies. This legislation was passed in a plenary session, having been approved by the lower house State Duma the day before. The new law categorizes digital currencies (including those used as payment tools under experimental legal regimes) as property under Russian domestic tax law. This classification exempts value-added tax (VAT) on digital currency mining and sales transactions, alleviating the financial obligations of industry participants. Moreover, services provided by authorized organizations facilitating transactions within these experimental regimes will also be tax-exempt. An important provision requires operators of mining infrastructure to report the personal data of individuals using their systems to tax authorities. Income from digital currency mining will be considered taxable income and will form 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. (Bitcoin.com)