State Duma Committee backs draft tax bill on digital assets

The State Duma Committee on the Financial Markets backed the first reading of the concept of the draft bill on taxing digital asset transactions. A copy of the conclusion is in ForkLog’s possession.

The department believes that adopting the document will spur transparency in the turnover of digital assets, enable taking into account ‘their special economic and legal nature’ in taxation matters, and provide additional revenue to the budget.

The document explains the VAT features for transactions involving the sale of digital assets, corporate income tax, and personal income tax regarding profits and incomes of taxpayers from the sale of digital assets.

Earlier in April, the bill was submitted to the State Duma on April 14. It does not affect cryptocurrency holders.

Follow ForkLog’s Bitcoin news on our Telegram — crypto news, prices and analytics.