Russia and the United States are in for New Taxes on Cryptocurrency

December 25, 2017

Russia and the United States are in for New Taxes on Cryptocurrency

Bitcoin traders face new tax liabilities in the US and Russia. As reported by the Fortune and other periodicals, this week the US Congress is considering an amendment aimed at the revision of the tax reform, which obliges crypto traders to pay taxes from any profit. This change in legislation closes the loophole that previously allowed some exchanges to be exempt from taxes.

Such exchanges allowed exchanging one cryptocurrency for another without causing a taxable event, if fiat money was not involved. This allowed many traders to obtain huge profits without paying taxes. Now it will become impossible in the US, and soon in many other countries.

At the same time, in Russia, sales of cryptocurrency for fiat money attract the attention of tax authorities that require taxpayers to report on any profits.

An anonymous holder of the cryptocurrency informed the local representative of Business FM of the development of crypto tax liabilities:

"I do not think this is the right approach. Rather, the legislators should create a mechanism through which subsequent transactions can be carried out automatically or through banks."

Artem Tolkachev, a lawyer who works on behalf of Deloitte, said that the only "possible" way of taxing cryptocurrency transactions was to apply a common 13 percent rate at the time of cashing digital currencies in. He added that fluctuations in the exchange rate and the authorities' weak understanding of the technology could lead to a deadlock in drafting an effective law on cryptocurrencies.

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