PANews reported on November 29 that Russian President Vladimir Putin signed a law on digital currency taxation, which clearly defines digital currency as property. According to the new law, the mining and sale of digital currencies will be exempt from value-added tax (VAT), and cross-border settlement services will also enjoy tax exemption policies. However, mining service providers are required to report user information to the tax authorities, and those who fail to report in time will be fined 40,000 rubles.
The digital currency obtained through mining is taxed at market price, with a progressive tax rate of 13%-15%. Enterprises will be subject to a 25% corporate income tax on digital currency mining starting from 2025. The law also restricts the use of special tax policies such as simplified tax systems. The law will take effect from the date of promulgation, and some provisions will have a transition period.
It was reported yesterday that Russia passed a cryptocurrency tax law, redefining the rules for digital currencies .
