The Government of the Russian Federation has introduced to the State Duma a bill titled “On Amendments to Parts One and Two of the Tax Code of the Russian Federation”, regulating the declaration of cryptocurrencies.
According to the document, digital currencies are recognised as property.
Individuals and Russian organisations will be required to report to the tax authorities on holdings of digital currencies if “the total receipts or withdrawals for the calendar year exceed the amount equivalent to 600 000 rubles”.
For late submission or providing inaccurate information in the report on digital currency operations and their balances, a fine of 10% of the higher of two sums — receipts or withdrawals of digital assets — is provided.
For failure to notify the tax authorities within the prescribed period of receipt or operations with digital currencies, a fine of 50 000 rubles is set.
In case of non-payment or underpayment of tax on operations with digital currencies, the fine will be 40% of the amount of tax not paid, according to the document.
As reported, the Russian government approved the bill on the procedure for providing tax reporting when carrying out cryptocurrency operations in late November.
On Amendments to Parts One and Two of the Tax Code of the Russian Federation by ForkLog on Scribd
Earlier the Russian Ministry of Finance presented a new version of amendments to the Criminal and Criminal Procedure Codes. Under them, holders of digital currencies face up to three years in prison if they fail to report to the tax authorities on operations in the equivalent of 45 million rubles or more.
Experts have called these amendments an ‘inadequate measure’.
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