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    Home » Crypto News » Russian Investors Are Complying With the Tax Bill on Cryptocurrency Gains  

    Russian Investors Are Complying With the Tax Bill on Cryptocurrency Gains  

    Author: Mandy Williams

    Last Updated Apr 8, 2021 @ 19:24

    While crypto traders in Russia are increasingly disclosing their holdings in compliance with tax rules, some are still waiting to see if defaulters will be punished.

    Russian cryptocurrency investors have started complying with authorities to provide information about their crypto dealings and pay the stipulated taxes. 

    According to a report by local news outlet Izvestia, several accounting and legal firms, including FTL and PwC, noted that they had recorded a surge in compliance with the tax legislation. 

    Cryptocurrencies Are Properties 

    The development comes on the heels of Russia’s State Duma approving a bill to legally recognize cryptocurrencies as properties. 

    While the initiative would grant Russian crypto owners the right to legal protection, it would also enable regulators to impose a 13% tax on gains made from cryptocurrency investments. 

    As part of the legislation, Russian crypto owners residing in and outside the country will be mandated to declare transactions that exceed 600,000 rubles ($8,184) per year.

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    The regulators warned that investors who failed to disclose information about their crypto investments would be slammed with a 10% fine of the undeclared amount. 

    Furthermore, the bill stressed that a 40% penalty will be issued to investors who fail to pay the stipulated tax or to those who make incomplete payments. 

    These strict conditions have sent chills down the spines of several Russian investors, as they fear regulators will not fail to implement the punishment. 

    Not All Investors Are Excited

    Maria Kukla, a partner of FTL Advisers, commented on the development:

    We observe that Russian residents have begun to voluntarily reflect income from operations with cryptocurrency in tax returns.

    Although there has been an increase in the rate at which Russians are disclosing their crypto portfolios to tax authorities, Kukla said it is too early to conclude that the initiative has been embraced by all investors. 

    She noted that the trend may change before the end of the tax filing campaign, adding that some investors are still waiting to know if the punishment for not participating in the exercise will be implemented. 

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    About The Author

    Mandy Williams
    More posts by this author

    Mandy Williams is a full-time reporter at CryptoPotato. She joined the cryptocurrency space in early 2017 during her search for financial freedom and has remained devoted to the industry.
    Contact Mandy: Twitter

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