Russia Gives Approval to 15% Tax on Crypto Trading and Mining Income
The Russian government has recently proposed changes to a draft tax bill related to cryptocurrencies and has given its approval.
The proposed bill suggests a 15% tax on income earned from crypto trading. The focus of the bill is to tax income and expenses related to crypto transactions and mining. According to the bill, cryptocurrencies will be considered as property for tax purposes.
This means that income generated from crypto mining will be subject to taxation based on its market value at the time of earning. It has been reported that miners will also be allowed to deduct expenses related to mining operations from their taxable income.
The bill also states that crypto transactions will not be subject to value-added tax. Income earned from crypto trading will be taxed at the same rate as income from securities transactions, with a maximum personal income tax rate of 15%.
