The Federal Tax Service (FTS) of Russia has introduced a section for miners in users’ personal accounts, allowing them to report the receipt of digital currency.
Individuals must fill out the “Mining” form, while legal entities and individual entrepreneurs are required to complete the “Digital Currency Mining” form. The latter two must be included in the register of miners and operators of the relevant infrastructure. Individuals are exempt from registration, provided they adhere to government-established energy consumption limits.
According to FTS requirements, reports must be submitted in the month following the receipt of digital currency, but no later than the 20th.
The law on the taxation of digital currency, which recognizes crypto assets as property, was enacted in November 2024. The tax base is determined by the excess of the asset’s value over the costs of its purchase or mining. Individuals pay personal income tax at a rate of 13-15% when selling cryptocurrencies. Legal entities are subject to a 25% profit tax.
Mining and asset sale operations are exempt from VAT. Services provided by an authorized organization facilitating transactions with digital currency within the experimental legal regime are also tax-exempt.
In July of the previous year, basic regulation of cryptocurrency mining in Russia was adopted. ForkLog examined its impact on the industry in a separate article.