Russia State Duma – Tax break for crypto assets
To solve economic isolation, Russia is turning to blockchain technology.Bad Salzdetfurth, )
Smart IT Alliance GmbH
The current situation is known, we are still at war. To solve economic isolation, #Russia is turning to #blockchain technology.
The country is coming under massive pressure due to the sanctions imposed by the West. #Banks have been locked out of the #SWIFT system and the #G7 countries recently banned the purchase of freshly mined or refined Russian #gold.
These measures resulted in Russia defaulting on its foreign debt.
Therefore, it is not surprising that the skeptical attitude towards cryptocurrencies is gradually falling into oblivion and Russia is turning heavily to the crypto world. Furthermore, this could solve the problem of the SWIFT exclusion for Russia. Payments can be made in a digital currency “Worldwide”.
On 06/28/22 Russia – State Duma – passed a law on the taxation of Bitcoin and other digital assets/Asstes.
The #law includes a new regulation of rates for income #tax on #profits. Previously, the flat rate was 20 percent. What is new is that crypto profits will soon only be taxed at 13% on the first approximately EUR 90,000 (5 million rubles) generated annually. After that it is 15%, which should also apply to foreign companies.
It is reasonable to assume that Russia wants to make itself interesting for crypto mining farm owners. However, it is questionable whether a country that is currently at war should be the right country for such a high investment and location.
Furthermore, the issuer of digital assets is to be exempt from VAT in the future. The exemption should also benefit the operators of information systems that set up crypto services.
For the law to take effect, the Russian Federation Council and President #Putin must pass the law.