The Tax Service of the Russian Federation received information about more than LocalBitcoins P2P platform users for 2021 year. Andrey Tugarin, managing partner of GMT Legal, announced this with reference to the data of the department.
LocalBitcoins is registered in Finland and interacts with the Finnish police and tax authorities on an ongoing basis. Direct information about the clients of the platform is not provided to the state authorities and services of the Russian Federation.
Tugarin said that LocalBitcoins transmits data to the tax authorities of Finland, which, in turn, provides them at the request of the Federal Tax Service RF under the Convention on Mutual Administrative Assistance in Tax Matters. It is this procedure that gives the transmitted information an official status.
The request concerned information for the 2021 year, since this is the current tax reporting period.
“Today, a huge number of laws related to digital assets are being developed in the Russian Federation. All state bodies are focused on obtaining the maximum amount of data on cryptocurrency holders in the country,” Andrey Tugarin noted. recommended Russian users of LocalBitcoins to start preparing a tax return. The reporting period ends on May 4.
February 2021 in the first reading, the State Duma of the Russian Federation adopted as a basis the draft law on taxation of operations with cryptocurrencies. It is expected that it will be finally adopted before the end of the spring session.
The document recognizes cryptocurrencies as property and obliges to report to the tax authorities on the turnover of digital assets in excess of 600 000 rubles per year.
In case of non-payment or incomplete payment of tax from operations with digital currencies, the penalty will be 40% of the amount of unpaid tax.
B 2021 year, the largest American cryptocurrency exchange Coinbase received five requests for disclosure of information about users from government and law enforcement agencies of the Russian Federation.
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