The State Duma of Russia has passed the cryptocurrency tax reform bill in the first reading
The State Duma of Russia has passed a cryptocurrency tax reform bill submitted by the government in the first reading, aiming to further clarify the tax rules related to digital assets. According to the draft, the taxable base for cryptocurrency transactions will be calculated based on the positive difference between income and costs, allowing investors to offset gains and losses from digital currencies and foreign digital rights assets within the same tax period.
The bill also requires brokers and trust management institutions to fulfill the obligation of withholding and paying personal income tax in cryptocurrency and foreign digital rights transactions, and to retain relevant transaction vouchers for at least five years. At the corporate level, except for cryptocurrency mining, income and expenditure related to foreign trade involving digital assets will be included in the corporate income tax base, and foreign digital rights assets will also be treated as cryptocurrency for tax purposes.
In addition, the Budget and Tax Committee of the State Duma of Russia has suggested further amendments to the bill in the second reading, requiring licensed cryptocurrency exchange platforms to assume tax agency functions, directly withholding personal income tax when users buy and sell cryptocurrencies. If the final legislation is passed, Russia's regulatory system for digital asset taxation will be further improved.
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