Russians Are Gradually Revealing Their Profits from Cryptocurrency Investments 2021

By Jamie G - Crypto Broker - 08-04-2021

According to a new survey, the number of cryptocurrency profit disclosures in Russia has been increasing recently.

According to Izvestia Russian news agency, Russians are gradually reporting their profits from investing in cryptocurrency for tax purposes. The study cites data from consultancy and law firms like KPMG, PricewaterhouseCoopers, FTL Advisers, and the Center for Strategic Research, a Moscow-based public policy think centre.

According to Kukla, the current tax reporting period ends on May 1, and much could change before then.

According to Evgeny Sivoushkov, director of PwC Russia's division of individual taxation, interest in revealing crypto holdings has grown during the current tax declaration period. As per Sivoushkov, the latest trend followed Russia's crypto law "On Digital Financial Assets." The country has also seen greater interest aimed at tax authorities and enforcement services on the source of income and Russians' foreign assets.

FTL Advisers did not respond to requests for comment from Cointelegraph. PwC Russia did not respond to a request for comment.

Even though Russia has not officially enacted any cryptocurrency taxation regulations, there has been a reported increase in the number of crypto tax filings. However, according to Izvestia reports, the Federal Taxation Service of Russia notes that the process for taxing crypto income by individuals is outlined in a letter released by the Ministry of Finance in May 2018.

Russia is moving forward with a new draft law that would require Russian citizens to pay income tax on cryptocurrency trading profits. The recent bill that had been passed for its first reading by the State Duma in February allowed residents to record large crypto transactions if the total amount exceeded 600,000 rubles ($7,800) per year.

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