News: The Ministry of Finance is going to amend the legislation of the Russian Federation on taxation of cryptocurrencies and mining

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The Russian Federation plans to adopt the Law "On Digital Financial Assets" in the first half of this year. This draft law will also affect the tax legislation, which will be amended upon instructions from the president, determining the percentage of deductions for miners and owners of cryptocurrencies.

According to the information letter of the Ministry of Finance on private request No. 03-04-05 / 66994 of 13.10.2017, the sale of cryptocurrency will be officially taxed by personal income tax at a rate of 13%. Cryptocurrencies can also be included in the bankruptcy estate of a bankrupt debtor. 

There is no certain procedure for paying taxes provided for mining, but with financial benefit from the foregoing, individuals will have to fill out and file a declaration independently, after which they will pay tax, having previously chosen the taxation system. Although the information letter is advisory in nature, it reflects the official position of the authorities.

As for the miners and owners of cryptocurrency wallets, the question as to how the employees of the authority will carry out their search remains open. 

At the same time, it will be easy to find owners of cryptocurrency with foreign accounts due to automatic exchange of tax information.

In conclusion, it should be added that there is the necessity to file reports on time and pay interest, because the risk of criminal liability is quite large.