The Ministry of digital transformation and a group of people's deputies are the developers of the draft law.
What are the existing lines of the bill:
- Companies conducting operations with cryptocurrencies will pay 5% income tax;
- Individuals will pay a 10% + 1.5% military fee for operations with virtual assets.
It should be noted that the standard 18% tax on personal income is significantly higher than taxes for working with virtual assets. There is a difference between the purchase price of a virtual asset and the income from its sale. This difference is the object of taxation. There is no value-added tax in this case.
As the authors of the project comment on this:
- The value of a virtual asset is determined by supply and demand. Such assets have no prime cost, as well as the process of the added value emergence itself;
- The high turnover rate of virtual assets does not affect their characteristics even if it changes the asset's owner;
- In countries where these types of assets are legalized, there is no MPE: USA, Canada, Japan, Germany.
This taxation system can be legalized by the end of 2021. At the same time, work is underway on an alternative bill.
