Russian law exempts cryptocurrency issuers from taxes

Russia’s parliament has passed a new bill that exempts issuers of cryptocurrencies and digital assets from canceling value-added tax (VAT) on “certain basic taxes.”

The new bill also establishes a “tax rate of 13 % for Russian companies and 15 % for foreign ones on income taxed from digital assets.”

The rule passed the first link to become law. According to the bureaucratic procedures of the Russian state, the legal norms must be approved in the first instance by the parliament in the lower house, then they must be discussed and sanctioned by the upper house and later be endorsed by the president of the republic.

With the approval of the project, it constitutes a transformation in the way of seeing digital assets by the government of Vladimir Putin, who are approaching cryptocurrencies as a consequence of the economic situation resulting from the war with Ukraine.

As it will remember, the Central Bank of Russia at the beginning of the year tried to implement a “general prohibition” of digital currencies in the country. And although the proposal was not accepted, the financial entity considers that cryptocurrencies “potentially increase the financial instability of Russian citizens.”

M. Rodríguez

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Source: bitcoin.es