On December 1, the Russian government submitted to the State Duma a bill recognising cryptocurrency as property and establishing tax liability for unlawful failure to declare information or declare false information about transactions with cryptocurrency.
This bill is proposed to amend the first and second parts of the Tax Code of the Russian Federation. They provide that individuals and legal entities are obliged to inform in electronic form about obtaining the right to dispose, including through third parties, of digital currency, to submit a report on transactions with digital currency and on its balances. Information must be provided to the tax authority if the amount of receipts or write-offs of digital currency in a calendar year exceeds 600 thousand rubles (equivalent to $8 thousand). For failure to inform about obtaining the right to dispose of the cryptocurrency, a fine of 50 thousand rubles ($670) is imposed. For failure to provide data on transactions with cryptocurrency, as well as for non-payment of tax on transactions that were settled using digital currency - fines calculated as a percentage of the amounts described in the document.
The bill was developed by the Ministry of Finance in mid-November and is included in the package of documents regulating the circulation of cryptocurrency and establishing responsibility for violation of the established rules.