Russian parliamentarians could be set to alter the soon-to-be-imposed legal threshold for crypto tax declarations, a State Duma committee member has conceded.
As previously reported, lawmakers have previously voted in favor of a bill that would force crypto traders to declare total annual earnings of over USD 8,250 per year. Those failing to declare may be hit with fines of 10% or more of the undeclared amount – with jail sentences and heavy fines looming for those who do not pay up quickly enough.
But even though the bill has already passed its first reading in parliament, it still has a legal mountain to climb before it can pass into law. One committee chief essentially claimed that the government was trying to have its cake and eat it when it comes to taxing an asset it does not allow payments to be conducted in.
And now a further challenge appears to have emerged, with a member of the Duma’s Committee on Information Policy, MP Anton Gorelkin, taking to Telegram to write that politicians were now only “assuming” that it was “necessary” to set the cut-off point at the USD 8,250 per year mark, adding,