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Russia may introduce tax on cryptocurrencies withdrawal
According to “Izvestia”, the Ministry of Economic Development suggested mining to be allowed in regions with a stable surplus of electricity generation. For this purpose, reduced commercial rates on electricity consumption should be introduced and taxes imposed on the conversion of cryptocurrency in rubles.
Introduction of the mining regulation was also supported by the Ministry of Energy, but the Central Bank opposed the initiative. The proposed measures will help stop shadow mining and bring crypto into the legal framework, but they will limit the production of digital currencies, experts believe. At the same time, in their opinion, it is better to tax the profit from transactions, rather than all exchange transactions ex post.
Experts interviewed by Izvestia believe that the introduction of taxation will bring cryptocurrencies into the legal field. The tax may amount to 20% of profit for large companies, 18%of which will go to the regional budget. The recognition of the taxable base should be at the moment of conversion - the sale of created goods, believes Vladimir Ananiev, analyst of the Exante investment company.
Evgeny Vlasov, head of Comino, believes that entrepreneurs should pay taxes on such production. It is also necessary to allow cryptocurrency mining everywhere, because it provides investment in the high-tech sector.
According to Vladimir Gorbunov, general director of Crypterium and Choise.com, the new taxation system is contrary to the initiative of the Ministry of Finance. If a tax is introduced, profit should be taxed or a scale should be applied depending on the volume of transactions with a minimum threshold, at which there will be no obligation to report and pay. The sale of crypto may generate a loss, and then the investor when converting to rubles will lose not only on currency revaluation but also on taxes.