Russian FinMin reiterates: for now, citizens have to calculate crypto tax themselves

Russia’s financial authorities have once again told that when dealing with digital currencies, the country’s citizens would have to calculate the tax rate on their own by using the standard income tax formula.

The basic principle described in the governmental notice to regional officials is that if a person has profited from the purchase of digital currency, this profit can be taxed.

As a reminder, absolutely the same approach has been used in a November answer to the public inquiries on the matter. Now it’s being applied on the national level.

There is no mentioning of taxing the losses - and if the reports are correct, this strange legal practice exists in South Africa.

Elina Sidorenko, head of the Russian parliamentary working group of cryptocurrency risk assessment, has noted in her Telegram channel that in fact, Russians could decide if they need to tell the government about their crypto activities or not. However, Bitnewstoday is obliged to note: if the sum of crypto profits is seriously big, there still may be questions from regulators and especially banks.

Image: thetaxologist.com