State Duma backs first reading of bill taxing digital assets

In the State Duma backed in the first reading the bill on taxing transactions with digital financial assets (DFA).

The document outlines the features of value-added tax (VAT) on operations for the sale of DFA, corporate income tax and personal income tax on profits from selling digital assets.

Under it, when selling a DFA, the tax base is defined as the difference between the sale price of the asset including tax and the acquisition price of the asset also including tax.

The personal income tax on the income of holders of digital rights belonging to Russian organisations will be 13%; for foreign companies – 15%.

As reported, the bill was submitted to the State Duma on 14 April. The Committee on Financial Market backed first-reading approval of the concept of the document.

The bill does not address cryptocurrencies.

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