The Russian government approved changes to the bill on taxing crypto transactions, imposing a 15% tax on transactions and mining
On November 19th, according to the International News Agency, the Russian government has approved a draft amendment to the bill on the taxation of cryptocurrency transactions and mining income and expenses. According to the proposed legislation, for tax purposes, cryptocurrency will be classified as property and mining income will be taxed based on its market value at the time of receipt. Miners will be allowed to deduct expenses related to mining operations from their taxable income. In addition, cryptocurrency transactions will be exempt from value-added tax, with transaction income subject to the same tax rate as securities trading income, and the highest personal income tax rate being 15%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BTC breaks through $98,500
UK to Draft Regulatory Framework for Crypto Industry by Early Next Year
Ethereum futures open interest hits new all-time high of over $20 billion, signalling bullish momentum: CryptoQuant
Ethereum futures open interest across all exchanges has hit a new all-time high, according to CryptoQuant data.Positive funding rates and record leverage ratios highlight increased risk-taking, with traders betting on rising Ethereum prices.
US dollar index DXY breaks through 108