Bitcoin

Block

As work on cryptocurrencies continues in Russia, a new tax bill for crypto mining and trading has been approved.
The Federation Council, the upper house of Russia’s parliament, has approved a bill that would tax cryptocurrency transactions and mining, classifying cryptocurrencies as property under the Russian Internal Revenue Code, The Block reported.
This bill exempts cryptocurrency mining and sales from value added tax (VAT).
Under the bill, mining companies will be required to report user data to authorities. In addition, companies’ mining income will be taxed as personal income and will be subject to a 13% tax rate. Starting in 2025, the tax rate will rise to 15% for annual incomes exceeding 2.4 million rubles ($28,800).
The bill, which has passed both Russia's upper and lower houses of parliament, is expected to be signed by President Vladimir Putin before it becomes law.
As is known, cryptocurrencies have been on Russia's agenda lately. With the arrival of winter, it has announced that it will ban cryptocurrency mining in some regions, including the occupied Ukrainian regions.
At this point, Russian authorities stated that they will ban cryptocurrency mining activities in some regions, including the occupied territories of Ukraine, in order to prevent power outages as part of the preparation for the winter season.
Related News: <a href="https://en.bitcoinsistemi.com/russia-bans-bitcoin-and-cryptocurrencies-here-are-the-details/" target="_blank" rel="noopener noreferrer nofollow">Russia Bans Bitcoin and Cryptocurrencies! Here Are the Details...</a>
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/tax-on-bitcoin-btc-and-cryptocurrencies-from-russia/" rel="noopener noreferrer nofollow">Tax on Bitcoin (BTC) and Cryptocurrencies from Russia!</a>

Tax on Bitcoin (BTC) and Cryptocurrencies from Russia!

Bitcoin Sistemi EN

Other articles published on Nov 28, 2024

IREN Stock Surges 30% on AI Interest and Bitcoin Dividend Prospects

BingX Partners SafePal to Boost Liquidity and Trading

Telegram CEO Praises New Altcoin Project! Promises Not to Sell for 10 Years!

ACOBA Approves Former UK Minister Advisory Role at Axiom with Governance Conditions

Crypto exchange XT.com suspends withdrawals after suspected $1.7M hack

New Cryptocurrency Releases, Listings, & Presales Today – Polarfighters, Mey Network, Monkeyfi

Join our free newsletter for daily crypto updates!