MOSCOW, November 27. /TASS/. The Federation Council, the upper house of the Russian parliament, passed the bill on taxation of digital currency initiated by the government at a plenary meeting.
According to the law, for purposes of the Russian Internal Revenue Code digital currency (including digital currency used as an instrument of payment on foreign trade agreements (contracts) as part of an experimental legal regime in the area of digital innovations) is recognized as property. Digital currency mining transactions and digital currency sales transactions will not be subject to value added tax. Services provided by an authorized organization ensuring conclusion of deals with digital currency as part of an experimental legal regime within the experimental legal regime in the area of digital innovations will not be subject to taxation on Russian territory either.
A mining infrastructure operator will be required to report data on persons mining with the use of its infrastructure to tax authorities.
Revenues in the form of digital currency received as a result of digital currency mining in Russia will be recognized as earnings forming the taxation base for personal income tax, according to the document.
Digital currency mining will be subject to a standard rate of the corporate income tax, the Russian Finance Ministry’s department head Danil Volkov said earlier.