Category Taxation in Russia

Russia Will Tax Cryptocurrencies

May 31, 2017 Taxation in Russia

Cryptocurrency taxMOSCOW – Russia hopes to get a tighter hold of cryptocurrencies by treating them as regulated digital goods.

In a statement made by the deputy chairwoman of the Central Bank of Russia, Olga Skorobogatova, it was revealed that the national government is looking at legislation to formalize the treatment and taxation of cryptocurrencies like Bitcoin.

The new rules would see all cryptocurrencies classified as digital goods, and taxed as such.

Along with taxing the currencies, the new legislation will allow the government to monitor and, to a certain extent, control the creation and distribution of cryptocurrencies.

The chairwoman explained that the need for the new taxation and regulation of cryptocurrencies is due to the fact that the currency is not backed by any reserves, a situation whic...

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Putin Calls For Several Tax Changes

December 13, 2013 Taxation in Russia

MOSCOW – Russia needs to address the problem of illicit capital outflow and tax evasion, and more effort needs to be put into supporting economic growth in the Far East, according to the President Vladimir Putin.

In his annual State of the Nation Address delivered on December 12th to the Parliament of Russia, the President Vladimir Putin described the current economic, social, and financial situation in the country, and, among other topics, outlined upcoming changes intended to boost economic growth, fight the occurrence of tax evasion, and eliminate illicit capital outflows.

In the address, Vladimir Putin stated that in order to stem the outflow of capital from the country and to prevent the further occurrence of tax evasion, overseas business entities owned by a Russian citizens shoul...

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Russia Delays Luxury Tax

March 15, 2012 Taxation in Russia

Russia Delays Luxury TaxMOSCOW – Russia will not be instating a luxury tax on high price properties, items and vehicles in the near future, despite the idea for such a tax having a wide backing among taxpayers in the country.

Russia’s long debated idea to instate a wealth tax has stalled again, as the Federal Tax Service (FTS) of Russia revealed that it does not support the currently proposed tax on luxury dwellings and automobiles, and has instead suggested a changes to property taxes and excise duties on cars.

The feasibility of implementing a wealth tax in Russia has been a subject of political and economic discussion for several years already, as a measure aimed at addressing the wide income inequalities seen in the country...

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