It’s very clear that people cannot exempt taxes after earning profit from crypto assets. According to government estimates, the Russian government will collect up to 1 trillion rubles ($13 billion) in crypto tax per year. Yes! $13 billion.
The Bell, a local Russian publication, got a government analytic note that predicted annual tax receipts, according to reports. According to the letter’s authors, Russians own about $214 billion in cryptocurrencies. The number of users on international exchanges is estimated to be about 10 million, owing to the large quantity of over-the-counter (OTC) crypto transactions. According to the government organisation, even the simplest tax imposition may generate anywhere from 146 billion rubles to 1 trillion in crypto tax revenue.
The letter suggests two taxation systems for crypto platforms, including exchanges, intermediaries, and OTC desks, as well as investments and crypto income. According to the analytical group’s estimations, the state might earn 90 to 180 billion rubles ($2.4 billion) each year from crypto platforms, with a base tax of 6%, and additional 606 billion rubles ($8 billion) from taxing crypto investments and income.
Without the mining industry, the overall crypto market of $200 billion would earn an estimated $12 billion in income, assuming a current basic tax of 6%. It’s also worth noting that Russians own only 1% of world wealth, compared to 12% of global cryptocurrency holdings.
Hmm, I wonder how much tax from crypto will be collected in India after the 30% tax announcement on cryptos in budget 2022.
