Tax and crypto trading: big brother is watching you?

With the advent of cryptocurrencies and earning opportunities through a new financial instrument, the level of undeclared incomes of the population has grown significantly. This state of affairs does not please the government and does not cause a smile on the faces of valiant tax employees. About whether it is worth honestly declaring your income, as well as about control by the authorities – in the material Bitcryptonews.

Crypto Money and Control

Unfortunately for the crypto community, the tax system controls the flow of funds to citizens’ accounts. But the state simply does not have the resources to efficiently process the entire array of data that comes to their disposal on a daily basis. In order to create full control, you must at least arm yourself with big data and completely change the very structure of the work to track the turnover of incomes of the population.

At the beginning of summer, the news was actively circulated among crypto users and freelancers, according to which the tax would soon begin to urge everyone to explain the source of their income. In fact, it turned out to be another duck, whose roots grew out of an incorrect interpretation of one of the government decrees.

Despite the fact that legislation in the field of cryptocurrencies has not yet been formed, this does not mean at all that the tax on income from cryptocurrencies does not need to be paid. Yes, most likely, only persons whose aggregate turnover of undeclared finances significantly exceeds average indicators are of interest to regulatory bodies. Accordingly, a miner or a crypto trader who earns a month an amount of about 30-100 thousand rubles, is more likely not to be interested in checking.

Resourceful citizens, in case of interest in undeclared income, come up with original explanations. For example, the transfer of previously deferred money to the spouse (it is impossible to tie accusations of tax evasion to such an explanation).

The opinion of a forensic expert, managing partner of Valley, Blockchain Lawyers graduate Natalya Manuylova:

Currently, there are no definitions of the corresponding categories of objects and subjects of tax control. A private trader needs to calculate the base for taxation, pay a tax, preferably from the same bank account, and “sleep soundly.” Any doubts and uncertainties in the law are interpreted in favor of the taxpayer. The purpose of the Agreement dated October 15, 2015 No. 01-01-14 / 22440 / MMV-23-2 / 77, concluded by Rosfinmonitoring and the Federal Tax Service of Russia, is to cooperate on the prevention, detection and suppression of illegal financial transactions and tax revenues to the Russian Federation budget. Thus, if a person is not involved in criminal schemes, questions should be excluded. Problems may arise with crypto traders who trade in the interests of third parties. Rosfinmonitoring in 2014 informed that the use of cryptocurrencies in transactions is the basis for considering the issue of classifying such transactions as transactions aimed at countering the legalization (laundering) of proceeds from crime and the financing of terrorism. However, this letter does not contain instructions for blocking bank card accounts.

Convert cryptocurrencies to fiat

Unfortunately, while we can not pay only in cryptocurrency and are forced to transfer funds to fiat. And the time when bitcoins will start to be accepted in the bakery around the corner is apparently not yet close. Conversions of large sums can just become a matter of tax questions. Universal tips from experienced crypto users, in this case, maybe the following:

  1. It is necessary to give preference to online payment systems (including foreign), which are less prone to attention from the tax (for example, Webmoney).

Important! Services such as Yandex. Money, just like other financial organizations, is subordinate to 115-FZ. He forces him to facilitate investigations into money laundering. Accordingly, the interests of Yandex in issuing its users are significantly higher than those of foreign services.

  1. If it is necessary to make a major transfer, the best solution would be to divide it into several parts, which can subsequently be divided into several cards.

However, the situation with the possibility of spending cryptocurrency without the need to transfer it to fiat is gradually leveled out: work is underway on a large number of projects whose main task is to eliminate the boundaries between digital money and their traditional counterparts. In any case, increasing demand strengthens the pace of work in this direction.

Khachatur Ghukasyan, co-founder and CEO of Zichain, believes that everyone should report on their income, regardless of their source:

Taxes must always be paid – this is the basis for any law-abiding citizen. Under Russian law, a citizen receiving income must pay 13% tax on him. Russian taxation is global, that is, a citizen who is a tax resident of the Russian Federation pays tax on any income received anywhere else around the globe.

Cryptocurrency is also an asset, the only difference is that it is not regulated by the state. Despite this, a citizen who invested 100 rubles and earned even a penny on this should go and report on this profit and pay the same 13%. If we are talking about digital asset trading, there are important nuances here related to how a person buys or sells cryptocurrency, through which counterparties transactions are made and whether he complies with the legislation of the Russian Federation, which is also applicable to currency residents. If a citizen is a trustworthy resident of the Russian Federation, then the tax status for him is such that any profit made by a resident must be taxed at a rate of 13%. Thus, if a cryptocurrency is purchased in a country other than the Russian Federation,

To summarize

Thus, today the interest of the tax service towards crypto users is not so obvious. In addition, there is no legal basis for regulating such financial relations. However, it is possible that with a further increase in undeclared income, government agencies will begin to pay attention to this sector.

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