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19 April 2021

More Russians are disclosing their cryptocurrency incomes: report

More Russians are disclosing their cryptocurrency incomes: report


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Russian news agency Izvestia reports Thursday that Russians have been increasingly disclosing their income from crypto trading for tax purposes.

“We’ve observed that Russian residents have started voluntarily disclosing income from operations with digital assets, mainly with cryptocurrency, in tax declarations,” FTL Advisers’ partner Maria Kukla said. .

According to the letter, the tax base from crypto trading is defined in Russian rubles as the “excess of the total income amount received by taxpayers from the sale of cryptocurrency over the total amount of documented expenses for its acquisition.”

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