Catenaa, Friday, April 11, 2025-The Russian Federal Tax Service (FTS) has introduced a tax calculator to help Crypto miners calculate taxes on their digital income.
The tool allows miners to determine the minimum closing price in rubles of popular cryptocurrencies on foreign exchanges, such as Binance and OKX, for specific periods between January 1, 2025, and March 31.
This resource aims to assist taxpayers in calculating the tax base for digital currency transactions based on publicly available data, including trade volumes and market quotes from global exchanges.
According to the FTS, cryptocurrencies obtained through mining are considered taxable income, and the value of digital assets is determined based on market prices on the day of receipt. While the tool includes data for major cryptocurrencies like Bitcoin and Dogecoin, it lacks data for others such as Ethereum and XRP. The FTS has cautioned that the information provided by the tool must be independently verified by taxpayers.
The Russian government has already legalized crypto mining, and a new law passed in November 2024 established a framework for taxing miners. The law sets a two-tier tax system: miners earning up to 2.4 million rubles ($28,000) face a 13% tax, while those exceeding this threshold must pay 15%.
Corporations are subject to the standard 25% corporate tax rate. Miners using more than 6,000 kWh of electricity per month are required to register with the FTS, with non-compliance resulting in fines.
