Cryptocurrency mining in Russia has long been in the “gray zone” of legislation. However, the situation is gradually changing. The adoption of a number of laws brings clarity to the regulation and taxation of this activity. In this article, we will look in detail at the current legislation, understand what taxes are paid by miners and how these changes affect the industry.
What does the law say about mining in Russia?
Despite the fact that there is no separate law “on mining” in the usual sense, a number of regulations governing this sphere have been adopted. The key point is the recognition of digital currency as property for tax purposes. This means that income from operations with cryptocurrencies, including mining, is subject to taxation.
What taxes does a miner pay?
Taxation of mining depends on who carries out this activity: an individual or an organization.
- For individuals: Income from mining is subject to IIT (Individual Income Tax). The rate is 13% on income up to 2.4 million rubles per year and 15% on the amount exceeding this threshold. It is important to note that the tax base is calculated from the moment the right to dispose of the mined cryptocurrency is obtained.
- For organizations: Income from mining is subject to profits tax. From 2025, the tax rate will be 25%. Previously, it was 20%.
Important nuances of taxation of mining:
- VAT: Operations on mining and sale of cryptocurrencies are not subject to VAT (Value Added Tax).
- The simplified taxation system (STS): Miners cannot apply the simplified taxation system.
- Calculation of the tax base: Income from the sale of cryptocurrency cannot be accounted for less than 80% of its market price. This is done to prevent tax evasion.
The impact of legislation on the industry:
The introduction of clear taxation rules, on the one hand, creates a certain tax burden on miners. On the other hand, it legalizes their activities and promotes the development of the industry. Transparent regulation attracts investment and creates conditions for long-term business planning.
Recent legislative changes:
- Income tax for organizations engaged in mining has been raised to 25% from 2025.
- The rules for the calculation of the tax base are clarified.
- Restrictions on the application of the simplified taxation system are introduced.
Conclusion:
Legislation in the sphere of mining in Russia is still being formed. It is important to follow changes in regulations in order to conduct your activities in accordance with the law. Introduction of clear taxation rules is an important step for the development of the industry and its integration into the country’s economy.
FAQ (Frequently Asked Questions):
- What law regulates mining in Russia? There is no separate law “on mining” in Russia. It is regulated by a number of regulations, including amendments to the Tax Code.
- What tax does an individual pay as a miner? Personal income tax at the rate of 13% or 15% depending on annual income.
- What tax does an organization engaged in mining pay? Profit tax at the rate of 25% from 2025.
- Is mining subject to VAT? No, operations on mining and sale of cryptocurrencies are not subject to VAT.
Important: This article is for informational purposes and does not constitute legal advice. It is recommended to contact qualified professionals for detailed information on taxation and legislation in the field of mining.
I hope this article will help you understand the taxation of mining in Russia. Keep up to date with legislative updates in order to keep abreast of all changes.