Russian President Vladimir Putin has signed the federal law "On Amendments to Parts One and Two of the Tax Code of the Russian Federation and Certain Legislative Acts of the Russian Federation." This is reported on the Kremlin's website.
The law establishes the procedure for taxation of income received as a result of mining of digital currency in Russia, as well as operations for the sale of digital currency.
The law recognizes digital currency as property for tax purposes. Operations for mining digital currency, as well as operations for its sale, are included in the list of operations that are not recognized as an object of taxation by value added tax.
The law includes the income of individuals in the form of digital currency received as a result of mining in the tax base for personal income tax.
The income of organizations in the form of digital currency received as a result of mining is included in the list of non-operating income for the purposes of corporate income tax.
The law defines the procedure for determining the value of a digital currency for the purpose of calculating personal income tax and corporate income tax.
It establishes the obligation of the operator of the mining infrastructure to report to the tax authority information related to the mining of digital currency, as well as responsibility for non-fulfillment of such an obligation.
