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Russia State Duma– Tax break for crypto assets



Smart IT Alliance GmbH


The current situation is known, we are still at war. To solve economic isolation, #Russia is turning to #blockchain technology.

The country is coming under massive pressure due to the sanctions imposed by the West. #Banks have been locked out of the #SWIFT system and the #G7 countries recently banned the purchase of freshly mined or refined Russian #gold.

These measures resulted in Russia defaulting on its foreign debt.

Therefore, it is not surprising that the skeptical attitude towards cryptocurrencies is gradually falling into oblivion and Russia is turning heavily to the crypto world. Furthermore, this could solve the problem of the SWIFT exclusion for Russia. Payments can be made in a digital currency “Worldwide”.

On 06/28/22 Russia – State Duma – passed a law on the taxation of Bitcoin and other digital assets/Asstes.

The law:

The #law includes a new regulation of rates for income #tax on #profits. Previously, the flat rate was 20 percent. What is new is that crypto profits will soon only be taxed at 13% on the first approximately EUR 90,000 (5 million rubles) generated annually. After that it is 15%, which should also apply to foreign companies.

It is reasonable to assume that Russia wants to make itself interesting for crypto mining farm owners. However, it is questionable whether a country that is currently at war should be the right country for such a high investment and location.

Furthermore, the issuer of digital assets is to be exempt from VAT in the future. The exemption should also benefit the operators of information systems that set up crypto services.

For the law to take effect, the Russian Federation Council and President #Putin must pass the law.

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Customers often approach Smart IT Alliance GmbH with a request to design and implement a coherent overall concept – from bare ground or even without a suitable property for the mining farm. Anyone who is allowed to become a customer of Smart IT Alliance GmbH can enjoy indescribably close customer loyalty, full service, special offers and lightning-fast implementation. A separate subsidiary was founded in Hong Kong with on-site employees just for the faster implementation of deliveries from Asia.

The most important point in the overall approach of Smart IT Alliance GmbH is that not only the one delivery but the overall concept is seen and always kept in mind for each customer. Otherwise, the miners cannot be connected in the office, warehouse or new mining farm because the power connection is not sufficient for the high permanent load, the heat cannot be transported away, IT security is not given, the noise was ignored or or or .

And so that the tax KO blow does not come later, Smart IT Alliance GmbH strongly recommends that every customer bring the most experienced tax and corporate law expert, Mr. Thomas Breit, on board right from the start.

Posted by on 30. June 2022. Filed under Internet, Picture Gallery. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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