CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Bitcoinist 2024-11-30 13:30:31

Russia Officially Classifies Bitcoin As Property With New Legislation Signed By Putin

In a major move towards successfully regulating digital assets in the country, Russian President Vladimir Putin has signed a law that creates a new legal framework for taxing Bitcoin mining and transactions, recognizing them as property and setting the stage for formal taxation. Russia’s New Bitcoin And Crypto Tax Law According to local media reports , digital currencies, including Bitcoin, will be classified as property under the new law. This classification extends to currencies utilized for foreign trade settlements within the Experimental Legal Regime (EPR) framework in digital innovation. Notably, the law stipulates that mining and selling digital currencies will be exempt from value-added tax (VAT), which could incentivize further investment and participation in the crypto market. One of the law’s key provisions requires mining infrastructure operators to report to tax authorities regarding the users of their services for cryptocurrency issuance. Failure to provide this information promptly could result in a fine of 40,000 rubles ($380). Regarding income tax implications, cryptocurrency obtained through mining will be categorized as “in-kind income,” a term typically used to describe non-cash payments made in the form of goods or services. The value of the mined cryptocurrency will be determined based on prevailing market quotes. This income will be subject to a progressive tax scale, allowing for deductions related to mining expenses. 25% Tax Rate Starting In 2025 The law also outlines a two-tier taxation system for income generated from the acquisition, sale, or other forms of cryptocurrency circulation. Income up to 2.4 million rubles ($22,600) will be taxed at a rate of 13%, while any income exceeding this threshold will incur a 15% tax. These earnings will be included in the same tax base as income from securities, bank deposits, and other financial sources. For corporations engaged in Bitcoin mining, a standard income tax rate of 25% will be applied starting in 2025. However, the legislation limits the tax regimes available to organizations and individual entrepreneurs (IPs) involved in cryptocurrency activities. Specifically, these entities will not be permitted to adopt a single agricultural tax, utilize a simplified taxation system, or benefit from the “Automated Simplified Taxation System.” The patent system and self-employed regime will also not apply to Bitcoin mining and transactions . The law is set to take effect upon official publication, with certain provisions subject to different timelines. Transitional provisions have also been included to facilitate the implementation of these regulations. At the time of writing, the leading crypto is trading at $98,500 after a brief 7% correction earlier this week, inching closer to its all-time high of $99,500. Featured image from DALL-E, chart from TradingView.com

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta