The Ministry of Finance supported the collection of a tax on mining | Economy news | News

The Ministry of Finance considers it fair to levy a tax on profits received from the mining of cryptocurrencies, cryptonewsherald was told in the press service of the ministry. They noted that the Tax Code contains all the necessary provisions for this.

The form of taxation within the framework of the draft law on mining is still being discussed, Anatoly Aksakov, chairman of the State Duma committee on the financial market, told cryptonewsherald earlier. He clarified that either an analogue of a single tax on imputed income, where the rate varies from 7.5 to 15%, or a profit tax of 20% will be established.

Now in Russia there is no legislation that regulates mining activities, because of this, difficulties arise, said Maxim Zelenevsky, Vice President of the Russian Association of the Cryptoindustry and Blockchain (RACIB) for commercial projects. According to him, only the so-called “mining hotels” pay taxes in this segment. They provide complex placement services for mining equipment, similar to conventional data centers, and pay a 20% income tax.

Most of the mining enterprises work exactly according to this model, Oleg Ogienko, director of government relations at BitRiver (one of the largest players in the segment), confirmed. He added that within the framework of the law, mining income should be determined based on the results of the sale of cryptocurrency and deduct expenses, including electricity, depreciation, the cost of data center services, and others.

The introduction of an analogue of UTII can lead to the bankruptcy of mining companies at the initial stage of launching an investment project, since this approach does not take into account significant costs, Ogienko believes.

Read more in the exclusive cryptonewsherald article:

Post-crypto: The Ministry of Finance has decided on the position on the tax on mining

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