Russian Duma passes bill to remove VAT, lower income tax rates on digital ass...
Russia is turning to blockchain technology in an effort to counteract the economic isolation brought on by the sanctions imposed due to its invasion of Ukraine. The State Duma, the lower house of the Russian legislature, has passed a bill on the taxation of digital assets that exempts their sale from value-added tax (VAT) in the Russian Federation. Some other services of digital asset exchanges will also be exempted, according to state-run news service RIA Novosti. In addition, the bill established income tax rates of 13% for Russian exchanges on the first 5 million rubles (currently about....
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Russia’s Parliament is also considering two other bills related to digital assets: regulating miners’ activities, and requirements for firms handling crypto transactions. Russian President Vladimir Putin has signed a bill into law prohibiting digital financial assets as payments more than a month after it was introduced to the country’s lower chamber of Parliament.In a Thursday update, the Russian State Duma noted that Putin signed a bill suspending certain parts of an existing federal law “on banks and banking activities,” effectively making it illegal for people to use cryptocurrencies....
Russian lawmakers have approved amendments regulating the taxation of transactions with digital assets. The legislation concerns business operations with cryptocurrencies and tokens. In some cases, the burden for Russian companies will be reduced as compared to foreign entities. Russian Duma Passes Law to Tax Crypto Transactions A bill amending the Tax Code of the Russian Federation to allow the authorities in Moscow to tax operations with digital financial assets (DFAs) has been approved on second, third, and final reading in the State Duma, the lower house of Russian parliament. The....
The Russian State Duma will consider a new bill on cryptocurrency taxation on Feb. 17. Russian lawmakers are actively preparing new legislation for taxing cryptocurrencies like Bitcoin (BTC).According to an official announcement by the Russian State Duma, the Duma’s Committee on State Building and Legislation has approved a bill on cryptocurrency taxation on Feb. 15. The new bill represents a set of amendments to the Russian federal tax code.As part of the draft bill, the Russian government officially recognizes cryptocurrencies like Bitcoin as property, aiming to tax profits from crypto....
The bill must still go through two readings in the Duma before going to the Federation Council. Russia's State Duma has approved a new draft bill in its first reading that would require election candidates to disclose their crypto holdings, expenditures and purchases.The draft bill also asks election candidates to indicate a source of income for cryptocurrency purchases and requires crypto declarations not only from the actual candidates, but also their spouses and minor children for the past three years.Introduced in March 2021, the draft bill includes a set of amendments to existing....
The Russian Finance Ministry has long taken a determined hardline stance against bitcoin and other digital currencies, deemed by the regulator as ‘surrogates’ of the ruble. The Deputy Minister of Finance in Russia hopes that the draft law calling for the criminalization of bitcoin will be passed to the State Duma – the lower chamber of the Russian Parliament – before the end of the current session in August. A recent report by Russian publication RIA Novosti, has revealed that the Russian Deputy Finance Minister, Alexei Moiseev, hopes that a law is crafted to introduce criminal liabilities....