MOSCOW, 17 Feb – RIA Novosti. The State Duma adopted in the first reading a bill introducing taxation of income from operations with cryptocurrencies.
A document submitted by the government recognizes digital currency as property for the purposes of the Tax Code. This will allow cryptocurrency owners to count on legal protection in the event of any illegal actions, as well as to defend their property rights in court, Prime Minister Mikhail Mishustin explained earlier.
According to the bill, income from digital currency transactions will be subject to income tax or personal income tax. Citizens and organizations that have the right to dispose of digital currency will be required to submit a declaration to the tax authority if the amount of transactions with it exceeds 600 thousand rubles per year. At the same time, the digital currency will not be subject to depreciation, and transactions related to its circulation will not be subject to VAT.
In case of non-payment or incomplete payment of tax, a penalty of 40% of the unpaid amount for such transactions is imposed. For failure to submit, late submission or submission of a declaration with false information, a fine is established in the amount of 10% of the receipt of undeclared digital currency or the amount of writing off such currency (the largest of the two amounts is chosen). In case of violation of the terms of declaration, the fine will be 50 thousand rubles. If signs of a possible violation of tax legislation are identified, the tax authorities will have the right to receive from banks statements of individual accounts that were used for transactions with digital currency.
The State Duma Committee on Budget and Taxes, when finalizing the draft for the second reading, intends to clarify the list of transactions exempted from VAT and the list of persons obliged to inform tax authorities about obtaining the right to dispose of digital currency, submit reports on transactions with it and its balances. The committee also questions the validity of giving the FTS the right to establish the procedure for determining the market price for digital currency, since this does not comply with the provisions of Article 40 of the Tax Code.
And the State Duma Committee on State Construction believes that the establishment of a tax regime for digital currencies “is impossible without specifying the range of objects that can be classified as” digital currency “, determining their relationship, in particular, with the categories of” digital rights “,” money ” in the Civil Code, as well as to establish a clear regime for their use. ” For this, in his opinion, it is necessary to preliminary include the concept of digital currency in the Civil Code, while simultaneously correcting this concept in the law on digital financial assets or removing it from this law.