Russian Duma passes bill to remove VAT, lower income tax rates on digital asset sales : omgfin

Russian Duma passes bill to remove VAT, lower income tax rates on digital asset sales Print

Modified on: Wed, 29 Jun, 2022 at 2:12 AM

Russia is popping 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) within the country. another services of digital plus exchanges will be exempted, according to state-run news service RIA Novosti.

In addition, the bill established tax rates of thirteen for Russian exchanges on the first 5 million rubles (currently regarding U$93,000) of the taxable base annually, 15% on amounts on top of that limit and 15% across the board for exchange operators. this charge per unit for firms is 20%.

The taxation of digital assets underneath the bill is analogous to securities taxes, RIA Novosti reports. the govt. noted within the bill that a separate tax procedure for digital assets is essential to the creation of a good and competitive digital economy.

( Derek Andersen, Cointelegraph, 2022 )

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Russian Duma passes bill to remove VAT, lower income tax rates on digital asset sales Print

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