The Ministry of Finance is ready to consider proposals to reduce the threshold for taxation of transactions with cryptocurrencies, writes TASS with reference to the State Secretary-Deputy Minister of Finance of the Russian Federation Alexey Sazanov. Now this threshold is 600,000 rubles a year.
"If you have proposals on the limit of 600,000 rubles and on its reduction, we will be ready to consider it for the second reading," Sazanov said, speaking in the State Duma.
In its current form, the bill assumes that Russian citizens will be required to report to the tax authorities about the right to dispose of digital currency accounted for in electronic wallets, as well as about the turnover of funds and the balance, if the amount of receipts or write-offs of cryptocurrency for the year exceeds 600,000 rubles.
Earlier, the State Duma Budget Committee recommended that the lower house of the Federal Assembly adopt the draft law on taxation of cryptocurrencies proposed by the government in the first reading.
"Given the widespread use of digital technologies and the expansion of the scope of use of cryptocurrencies, including for illegal purposes, the State Duma Committee on the Financial Market supports the concept of the draft federal law "On Amendments to Parts One and Two of the Tax Code of the Russian Federation" and recommends that the State Duma adopt it in the first reading," the committee concluded.
Following the results of today's meeting, the draft law on taxation of cryptocurrencies was approved in the first reading. 375 deputies voted for the bill, 13 abstained. "To adopt the bill in the first reading; to submit amendments to the bill (The deadline for submitting amendments is within thirty days from the date of adoption of the resolution; 18.03.2021)," the State Duma website says.