18 Feb 2022 20:12

Siluanov: One of options for cryptocurrency taxation is tax on difference between investment and sale price

MOSCOW. Feb 18 (Interfax) - One option for taxation of operations with cryptocurrency being considered by the MinFin is a tax on the difference between the investment price and the sale price, Russian Finance Minister Anton Siluanov said in an interview with the Rossiya 24 television channel.

"We're studying the experience of other countries; there can either be an imputed tax here, as is done in Kazakhstan, or this can be taxes on the difference between entry into a cryptoasset and withdrawal from it, as is done in instances of investment in financial instruments. This question is in the discussion phase for now," Siluanov said, noting that to begin with, "the main issue needs to be put forward, whether or not to recognize and legalize this asset."

The Finance Ministry and the Central Bank are currently trying to bring their positions closer together, in order to formulate a bill regulating cryptocurrency in Russia. Siluanov said earlier that if this cannot be done, a dispute resolution procedure will be used. "The government is preparing a dispute table to consider and make a decision, otherwise we'll never come to an option that needs to be implemented. The first level of dispute resolution is the Russian government," he said.

The Finance Ministry and the Central Bank are looking for ways to prevent "contamination" of the financial organizations that will take part in turnover. "We hear the position of the Central Bank on the necessity of creating a system so that our lending organizations aren't contaminated by complicated and volatile financial assets and are currently working through this issue together with our colleagues from the Central Bank, so that the issue of the inclusion of these financial assets on the bank's financial statements doesn't impact the stability of lending institutions. Maybe off-balance accounts and so on, as is done with a number of assets," Siluanov said.

There are no fiscal goals in the preparation of this bill, but "it will be a general level of taxation, which will simultaneously with legalization replenish the Russian treasury," Siluanov said.

Even taking into account a long discussion, a bill could be adopted before the end of the year, he said.

"We need to go through several stages, make a decision within the government and the Central Bank, introduce a bill to parliament, and I hope in the best case scenario, it will be approved in the spring session. If there's wider debate, then I hope that we will be able to adopt this bill before the end of the year," Siluanov said.