The Russian government's legislative committee approved the Ministry of Finance's proposal to regulate cryptocurrency taxation and tax exemptions
According to market news, the legislative committee of the Russian government has approved a proposal from the Ministry of Finance to include operations related to digital currencies within the scope of personal income tax collection, which includes cryptocurrency exchanges.
The bill proposes that transaction costs be accounted for using the FIFO (First In, First Out) method and prohibits the carryover of losses from digital currency transactions to future tax periods. Meanwhile, certain services and transactions are proposed to be exempt from value-added tax, including services from digital custodians, cryptocurrency exchange services, and certain foreign digital rights transactions without physical delivery. For debt-type digital financial assets (such as tokenized bonds), the bill sets separate profit tax calculation rules and allows for loss carryover. Previously, the State Duma of Russia had passed the "Digital Currency and Digital Rights" bill in its first reading.
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