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“As tax authorities have confirmed, they will not assert claims because of an individual being ‘embedded’ in transactions with cryptocurrency. They have acknowledged that this cannot be done differently on most trading platforms. We believe that the same reasonable approach should be applied to how expenses that are associated with such transactions should be supported by documents”.
Key takeaways from the delegates of the Russian Federal Tax Service:
Screenshots from stock exchanges are acceptable. These can be used as documents that confirm transactions involving cryptocurrency.
An individual’s income will be treated similarly to a company's income. Proceeds from the sale of cryptocurrency which have been credited to personal accounts of individuals will be treated as income of the company owning it if such funds are subsequently transferred to that company’s accounts.
Commission charges of mining pools can be deducted as expenses. That said, tax authorities do not expect any Russian pools to be created yet.
Headquarters will be set up to oversee whether energy is consumed efficiently. They will be authorised to disconnect consumers who violate the regulations.
