Russia Submits Bill on Taxation of Digital Currency

The Russian Government Dec. 1 submitted Bill No. 1065710-7 to the lower house of Parliament (State Duma), on the taxation of digital currency. The bill includes measures to: 1) recognize digital currencies as property and impose VAT on operations for the circulation of digital currencies; 2) require electronic reporting by individuals and legal entities with specified Russian residency statuses on digital currency transactions with values exceeding 600,000 Russian rubles (US$7,921) annually; 3) establish the April 30 filing deadline for each calendar year; and 4) provide a 10 percent penalty for incorrect reporting, a 40 percent penalty for non-payment or partial ...