The State Duma’s Budget and Taxes Committee recommended that the lower house approve in the first reading the government bill to tax cryptocurrency transactions.
In its decision, the committee cited the “expansion of the use of cryptocurrencies, including for illicit purposes”.
For the second reading, the committee intends to refine the bill together with the base law on digital currencies and amendments to the Civil Code.
The State Duma will consider the bill at its February 17 session.
Earlier in December 2020, the government-approved bill on taxing cryptocurrencies was submitted to the State Duma в начале декабря 2020 года.
The document treats digital currency as property and taxes income from digital currency transactions under either corporate income tax or personal income tax (PIT).
The bill also imposes penalties on individuals and organisations that fail to report promptly on their right to dispose of cryptocurrency, on the turnover of funds, and on balances if annual inflows or outflows exceed the equivalent of 600,000 rubles.
Earlier, the State Duma’s Legal Department sent the tax amendments for refinement due to discretionary penalties, and the President’s Council for Codification and Improvement of Civil Law did not support the bill due to terminology issues.
Committee’s conclusion by ForkLog on Scribd
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