Home News Russian Duma prepares law to fight tax avoidance via cryptocurrencies

Russian Duma prepares law to fight tax avoidance via cryptocurrencies

According to the head of the Committee on Financial Markets Alexey Aksakov, Russian State Duma is preparing the draft of the law, which is aimed to eliminate ways of tax avoidance via cryptocurrencies for Russian citizens.

Aksakov pointed out that by now many people are exploiting the absence of a legal framework for cryptocurrency usage to avoid taxes: “they change dollars for bitcoins and don’t declare their income”.

The deputy mentioned that the upcoming law draft will be reviewed separately from the major law regulating cryptocurrency circulation.

Recently we have reported that according to the latest recommendations of the Ministry of Labor, concerning 2017 income declaration, the governmental officials will be allowed not to declare these cryptocurrency assets.  The recommendations are reviewed every year under the supervision of Presidential Administration.