Offenders who do not provide the relevant information in their tax returns will be fined 10% of the undisclosed amount.
The Russian State Duma has passed a bill on the taxation of cryptocurrency transactions. This document was submitted to parliament by the government.
The document introduces amendments to the Tax Code of the Russian Federation and obliges natural and legal persons to report to the tax authorities on the cryptocurrency owned, as well as to pay tax if the amount of transactions for them exceeds 600 thousand. rubles (6,720 euros).
Income from cryptocurrency operations is encouraged to be subject to personal income tax (FPIN) or income tax, including value added tax (VAT). Offenders who do not provide the relevant information to the tax authorities will be fined 10% of the undisclosed amount.
Finally, the bill proposes to impose a fine of 50 thousand. rubles (560 euros) for natural and legal persons who have not submitted information on the acquired right to handle digital currency in a timely manner.
The draft law on the taxation of cryptocurrencies was previously approved by the Budget and Tax Committee of the State Duma.
