4 Jun the Federal tax service (FNS) has directed her subordinate tax authorities Ministry of Finance letter No. 03-04-07/33234 about the need to tax the profits from cryptocurrency.
From the letter follows that the tax base on operations of purchase and sale of cryptocurrencies is the excess of the proceeds from their sale over the documented expenses on the acquisition.
Although the legislation of the Russian Federation the legal status of cryptocurrencies is not defined and the procedure of taxation of incomes of physical persons in the transactions with them is not selected, all unremovable doubts, contradictions and ambiguities of legislative acts on taxes and fees, the office requires to be interpreted in favor of the taxpayer, as income offers to recognize economic benefits.
Before the emergence of a clear legal framework in the field of taxation of cryptocurrencies when determining the tax base for income received from transactions with cryptocurrencies, the Finance Ministry believes it is possible to proceed from the provisions of the first paragraph of subparagraph 2 of paragraph 2 of article 220 of NK of the Russian Federation:
«Instead of receiving a property tax deduction the taxpayer is entitled to reduce the amount of their taxable income to the amount actually paid them and documented expenses associated with the acquisition of this property.»
From the letter of the Ministry of Finance also follows that the tax on transactions with cryptocurrencies individuals needs to be calculated independently and then present to the tax authority the Declaration.
After reviewing the message of the Ministry of Finance, head of the working group of the state Duma of the Russian Federation estimated the risk of cryptocurrency circulation Elina Sidorenko said that all the talk about the necessity of paying taxes with cryptocurrency income remain at the level of conversation, because FNS had not even begun to develop the administration system of crypto-currencies and tokens.
«There is no regulatory status of cryptocurrencies and, therefore, it is unclear what is taxable. There is no algorithm taking into account income, because legally it is difficult to determine the course of what is not right. There is no objective and technical prerequisites for crypto-currency with transactional taxes are paid with Fiat currency,» she wrote in her Telegram-channel Cryptoline.
Sidorenko has expressed confidence that before 2019 the situation with the taxation of cryptocurrencies (or rather lack of), will not change because the state Duma had not even begun to develop this issue.