Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Russia approves cryptocurrency taxation framework, two-stage taxation system for miners

Russia approves cryptocurrency taxation framework, two-stage taxation system for miners

CointimeCointime2024/11/13 12:11
By:Cointime

the Russian government's legislative activity committee has advanced a cryptocurrency tax bill on November 11, 2024. The bill defines cryptocurrency as property and sets different tax requirements for individual and corporate miners. Under the new regulations, companies must register with the Federal Tax Service to conduct mining operations legally, while individuals with a monthly electricity usage of less than 6,000 kilowatt-hours do not need to register.

The new framework adopts a two-stage taxation model: the first stage taxes cryptocurrency upon receipt, and the tax base is calculated based on the closing price of the major exchange; the second stage taxes upon sale, and if the sale price is higher than the initial taxable value, additional taxes will be levied. Starting in 2024, individual traders and miners with annual income exceeding 2.4 million rubles will be subject to progressive tax rates ranging from 13% to 22%, and the corporate tax rate will be raised to 25% in 2025.

According to the Industrial Mining Association's estimates, these tax measures could bring in 50 billion rubles (approximately $521 million) in revenue to the budget each year.

0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

States in the US are Competing! Another State Takes Action on Bitcoin (BTC) Reserves!

Alabama state auditor general Andrew Sorrell has proposed establishing a strategic Bitcoin reserve for the state.

Bitcoinsistemi2024/12/12 00:11

After Today’s CPI Report, Former FED Member Mester Shares Prediction on Rate Cuts

Mester, who was once one of the influential figures of the FED, made important statements about the institution's interest rate policy.

Bitcoinsistemi2024/12/12 00:11

HGS Application Hacked, Bitcoin (BTC) Demanded! Statement from PTT!

PTT's Fast Transit System (HGS) application was hacked and users were asked to send crypto money.

Bitcoinsistemi2024/12/12 00:00