Russia's State Duma Passes Cryptocurrency Tax Reform Bill in First Reading

According to ChainCatcher, Russia's State Duma passed a government-submitted cryptocurrency tax reform bill in its first reading on June 10, clarifying digital asset taxation rules. Under the proposal, taxable income from crypto transactions is calculated as the positive difference between revenue and costs, allowing investors to offset gains and losses of digital currencies within the same tax period. Brokers and custodians must withhold personal income tax on crypto transactions and retain records for at least five years. At the enterprise level, income and expenses from digital asset trade will be included in corporate income tax, while foreign digital rights are treated identically to cryptocurrencies. The State Duma's Budget and Tax Committee recommended further amendments in the second reading to require licensed crypto exchange platforms to act as tax agents, directly withholding personal income tax from users on purchases and sales.
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