The status of cryptocurrency in the Russian Federation is not defined, but it is necessary to pay taxes from the sale

    Recently it became known that the citizens of Russia are obliged to pay taxes when making transactions with cryptocurrency. And this is despite the fact that domestic legislation now practically does not regulate the cryptocurrency sphere. About taxes on cryptocurrencies referred to in the letter of the Ministry of Finance, sent by the Ministry to all tax services, according to "RBC".

    Interestingly, taxes from Russians are supposed to be levied despite the fact that the Tax Code says nothing about the rules for collecting taxes from cryptocurrency transactions. The Ministry of Finance believes that the income from the sale of cryptocurrency should be taxed on personal income tax (PIT).

    “The tax base for cryptocurrency purchase and sale transactions is defined in rubles as the excess of the total income received by the taxpayer in the tax period from the sale of the corresponding cryptocurrency over the total amount of documented expenses for its acquisition,” the letter says.

    Representatives of the Ministry of Finance said that individuals should independently calculate the amount of tax that is payable to the appropriate budget. The calculation procedure is established by Article 255 of the Tax Code. The tax return must be submitted to the tax authority at the place of its registration.

    According to some experts on taxation, the Ministry of Finance rights and transactions with cryptocurrency should really be subject to taxation.

    “The absence of rules on taxation of transactions with cryptocurrency in the legislation does not mean that the tax authorities do not expect to pay taxes on these transactions. The Ministry of Finance has repeatedly commented on this situation, incl. in a recent letter dated May 17, 2018 No. 03-04-07 / 33234, and rightly points out that according to Art. 41 of the Tax Code of the Russian Federation, income for tax purposes is any economic benefit, ”said Yevgeny Pankratov, senior consultant of tax practice at O2 Consulting.

    At the end of last month, State Duma deputies in the first reading adopted a package of bills on cryptocurrency. Experts believe that new bills can benefit the development of the industry in the country, but they need to be improved.

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