Experts have recorded a surge in declaring operations with cryptocurrencies by Russians

In recent months, residents of the Russian Federation have increasingly begun to reflect income from operations with cryptocurrencies in their declarations. This is reported by leading consulting and law firms, as well as the Center for Strategic Research, Izvestia writes .

PwC said that the increase in the number of transfers of information about cryptocurrencies to the FTS may be related to the adoption of the law “On digital financial assets” , the tax authorities ‘ attention to foreign assets of Russians and the requirements of foreign banks to confirm the source of clients’ income. 

According to experts, some are trying to “whitewash” the proceeds from transactions with digital currencies, since the tax authorities can track them. Especially if fiat money is involved in the transaction – any non-cash transactions are recorded and the tax office has access to this information, even if transactions are carried out abroad. This is possible thanks to the law on the automatic exchange of information.

The current procedure for the exchange of financial data does not imply the provision of information on transactions with cryptocurrencies, but in the future, they will probably be included in the auto exchange, they say in the KPMG company. 

FTL Advisers partner Maria Kukla noted that while it is impossible to talk about the trend of mass declaring of operations with cryptocurrencies by Russians – by the end of the month everything may change, since the deadline for filing declarations expires on May 1, but for now most investors are taking a wait and see attitude.

The Federal Tax Service also stressed that the declaration campaign has not yet been completed and its results will be summed up later.

Recall that in February, the State Duma adopted a bill on taxation of transactions with cryptocurrencies in the first reading.

By the second reading, the bill had not undergone significant changes and provides for the obligation of citizens to inform the Federal Tax Service about the ownership of digital assets .

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