Bitcoin traders will face new tax liabilities in the United States and Russia, since the authorities seeking to profit from the stock market are beginning to adjust the legislative basis for its own interests.
According to Fortune, created this week by the U.S. Congress, the Commission, reforming the tax legislation, in which services will be required to pay the tax after any cryptocurrency transaction. The change of the status quo is because a change in the law closes a loophole which had previously allowed the so-called exchanges not to pay taxes.
The so-called exchange provided the opportunity to exchange one cryptocurrency to another, without falling under the tax legislation, because the Fiat money not been involved. Due to this captainvalor did not pay taxes for the income received in the course of trading. Only now, this option will cease to operate in the United States, and would be applicable only to real estate from 2018.
Meanwhile, in Russia the sale of cryptocurrencies for Fiat money also attracted the attention of the tax authorities that now require citizens to report income received in the cryptocurrency market. Now the Russians must calculate personal income tax on income from operations with cryptocurrencies, and then to provide to the tax authority at the place of registration of the corresponding Declaration.
A bitcoin investor, who requested anonymity, shared his opinion with the revision Business FM about Cryptologic obligations and self-Declaration of income in this industry:
“I don’t think that’s the right approach. Rather, lawmakers should create a mechanism through which transactions will be carried out automatically or through the banks.”
Lawyer Artem Tolkachev, representing Deloitte & Touche, reiterated that the only possible method of taxation of cryptocurrency transactions will be the application of the General rate of 13% in Russia at the time of conversion to Fiat currency. He added that fluctuations in the exchange rate and little understanding of new technologies by the authorities puts the current situation into a dead end and preclude the adoption of alternative solutions in the future.