On November 29, according to a report by TASS, Russian President Vladimir Putin signed a law regulating the taxation of digital currencies.
According to the law, digital currencies are recognized as property. This also applies to currencies used for foreign trade payments "within the framework of the experimental legal regime (EPR) in the field of digital innovations". The mining and sale of digital currencies are exempt from value-added tax. Operators of mining infrastructure must report to the tax authorities the issuance of cryptocurrencies using their services. Failure to transmit such information on time can result in a fine of 40,000 rubles.
In terms of personal income tax, digital currencies obtained through mining will be classified as income in kind (a term usually used when payment is made in goods or services rather than money). The value of the acquired currency will be determined based on market quotes. Such income will be taxed at the usual progressive tax rates, taking into account tax deductions for mining costs.
At the same time, income from the acquisition, sale or other circulation of digital currencies will be taxed at a two-tier personal income tax rate (13% for income up to 2.4 million rubles, 15% for income exceeding this amount). They will be included in the same tax base as transactions with securities, bank deposits and other sources of income. In terms of corporate income tax, digital currency mining will be taxed at the standard rate (25% from 2025).
