Calculation methods for operations with cryptocurrency in the Russian Federation

The Federal Tax Agency of the Russian Federation gave an explanation of how organizations should calculate the income tax received as a result of transactions with cryptocurrency.

Since the legal status of cryptocurrency is not defined in the Russian Federation, the general principles of taxation of profit declared in Chapter 25 of the Tax Code of the Russian Federation are applied: when calculating with cryptocurrency, it is not payment for the purchased goods, but transfer of property (cryptocurrencies) in exchange for the purchased goods. In accordance with Art. 271 of the Tax Code of the Russian Federation, using the accrual method, income from the sale of goods are recognized upon the transfer of goods to the buyer. Paid goods or not paid - it does not matter for profit taxation.

The Ministry of Finance of Russia adheres to the same position as the Federal Tax Agency: since cryptocurrency is not an official currency, it cannot be paid on the territory of the Russian Federation, although there is no official prohibition on its use.

By the end of October, the State Duma has scheduled the second reading of the bill «On Digital Financial Assets».

On materials of the following website: https://www.nalog.ru/rn77/news/activities_fts/7816631/