Russian Duma make a decision related to digital assets
They passes bill to remove VAT, lower income tax rates on digital asset sales
The State Duma, the lower house of the Russian legislature, has passed a bill on the taxation of digital assets
That exempts their sale from value-added tax (VAT) in the Russian Federation.
Some other services of digital asset exchanges will also exempted,
It is according to state-run news service RIA Novosti.
Besides, the bill established income tax rates of 13% for Russian exchanges on the first 5 million rubles (currently about U$93,000) of the taxable base annually,
15% on amounts above that limit and 15% across the board for foreign exchange operators.
The current tax rate for companies is 20%.
Russia choose this way to suffer from the economic condition.
In fact, the invasion through Ukraine have a big impact for many countries
Including Russia itself.
This way is turning point to step forwards to the blockchain technology
In other words, this is as an effort
Effort to counteract the economic isolation brought on by the sanctions imposed due to its invasion of Ukraine.
Moreover, the government noted in the bill that,
A separate tax procedure for digital assets is key to the creation of an effective
And competitive digital economy.
Moreover, Russia has tempered its skeptical stance on cryptocurrency
As the country has increasingly felt the pressure of Western economic sanctions stemming
From its invasion of Ukraine.
Certainly, major Russian banks have been blocked from the SWIFT system
And G7 countries this week banned the purchase of newly mined or refined Russian gold.
Those moves, along with a host of other sanctions,
Led to Russia’s reported default on foreign debt servicing.
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