Russia's State Duma Committee on Budget has offered to tax cryptocurrencies as property, iHodl Russia has learned.
The committee states that the decision to tax cryptocurrencies as property lies in the increasing use of cryptocurrencies, including for illegal purposes. Income from crypto-related operations is proposed to be subject to income tax or personal income tax.
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If and when the lawsuit accepted, the tax authorities will have the right to demand banks statements on the accounts of individuals in case of detection of signs indicating possible violations of tax legislation. According to the bill, Russian citizens will be obliged to inform the tax authorities about the right to dispose of digital currency recorded in digital wallets, as well as about the turnover of funds and the balance, if the amount of receipts or write-offs of cryptocurrency per year exceeds 600,000 rubles ($8120).
The document provides that cryptocurrency is not subject to depreciation, and transactions related to its circulation are not recognized as subject to value added tax. It is expected that the document will be submitted to the State Duma on February 17.
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