Chebeskov: At first, the tax on mining may be an excise tax on energy consumption
The Ministry of Finance believes it is right to introduce a profit tax on mining activities. According to the deputy head of the department Ivan Chebeskov, who is cited by TASSthey may initially be collected in the form of an excise tax on electricity consumption.
As the deputy minister explained, in the long term, we are talking about taxation on profits, but the starting option with excise tax is preferable from an administrative point of view, since “it is easier to measure electricity consumption in principle than to calculate the cost of bitcoins received in a wallet.” So far, no decisions have been made in this area, Chebeskov clarified.
Earlier, the permanent representative of the Russian president in the Siberian Federal District, Anatoly Seryshev, spoke in favor of legislatively restricting the mining of cryptocurrency in energy-deficient regions of Siberia.
Russian President Vladimir Putin signed the law legalizing cryptocurrency mining in August — Russian legal entities and individual entrepreneurs included in the relevant register of the Ministry of Digital Development will be able to engage in mining. Individuals who are not individual entrepreneurs will also have the right to mine cryptocurrency, provided that they do not exceed the energy consumption limits set by the government.
The document will come into force in November. During the same time frame, it is expected that Russia will regulate issues of cryptocurrency trading.
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