Russian crypto owners have been warned that they have just a month before the taxman comes calling – with miners, custodians and traders all required to declare their profits.
Although the country is likely still “a year or more” away from comprehensive crypto laws, the tax code has been changed in time for this year’s tax season – meaning that anyone in Russia making money from crypto in 2019 is legally obliged to report their earnings.
Per RBC, Russians were originally required to submitting tax declaration documents – including details of their crypto earnings – by early next month, although a new deadline of July 30 has been set due to the disruption caused by the coronavirus pandemic. Individuals will be taxed at a flat rate of 13%.
However, confusion still reigns for many, who are still in the dark about what exactly they need to declare – and how to go about calculating the worth in rubles of transactions carried out in crypto several months ago.
A crypto trader in Moscow who asked to remain nameless told Our,
“Tax authorities will ask a lot of questions to figure out which operations that made use of cryptocurrency were profitable, what expenses were incurred and how they are all related to each other.”
‘Interesting’ Two-bill Plan May Save ‘Shambolic’ Russian Crypto Law
South Korean Bitcoin Tax Amendments to Be Unveiled in July
66,000 Spanish Crypto Traders Warned to Pay Tax on their Earnings