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Moscow Releases Tax Calculator for Russian Crypto Miners https://cryptonews.com/news/moscow-releases-tax-calculator-for-russian-crypto-miners/

Moscow Releases Tax Calculator for Russian Crypto Miners

The Russian tax agency, the Federal Tax Service (FTS), has unveiled a tax calculator tool for crypto miners operating in the nation. Per a report from the Russian state-run news agency TASS, the FTS has also "posted information" on crypto "exchange" rates for taxpayers.

Russian crypto miners can now use the FTS tool to check on the exact "minimum closing price" in fiat rubles of popular coins on "foreign trading platforms" (crypto exchanges) on specific dates in the period January 1, 2025, to March 31.

The Federal Tax Service's tax calculation tool shows the price of Bitcoin at specific periods on the Binance crypto exchange.

Quoting the FTS' press service, TASS reported that the agency's website has published information on market quotes for digital currencies and total volumes of daily trades with foreign trade organizers for taxpayers. This will help "taxpayers" to "determine income from digital currency transactions based on information from open sources."

The FTS noted that "digital currency obtained as a result of mining" is considered as a taxable form of income. And it wrote that "the value of digital currency is determined based on market prices on the date of the actual receipt of income."

The tool, however, appears to be somewhat imperfect. At the time of writing, it only carries data from seven crypto exchanges, including Binance, ByBit, KuCoin, and MEXC. While it collates data on a wide range of popular coins, including Bitcoin (BTC) and Dogecoin (DOGE), some high-cap coins like Ethereum (ETH) and XRP appear to be missing from its database.

The FTS has also added disclaimers to its new resource, noting that the information it provides "is subject to independent verification by the taxpayer."