Putin to integrate digital ruble into tax system by 2025
December 19, 2023
The Tax Code is supplemented with the concept of “digital ruble account”, which makes it possible to determine the emergence of legal relations associated with these operations
MOSCOW, December 19. /TASS/. Russian President Vladimir Putin signed a law that provides for the integration of the digital ruble into the system of tax regulation and control. The document was published on the official legal information portal .
Thus, the Tax Code of the Russian Federation is supplemented with the concept of “digital ruble account,” which makes it possible to determine the emergence of legal relations related to transactions with digital rubles. The law provides for the recovery of digital currency if the taxpayer does not have enough electronic funds in his accounts.
Tax authorities will now be able to suspend transactions on digital ruble accounts, and also require documents from the platform operator confirming the fact of debiting from the taxpayer’s account and transferring them to the budget system of the Russian Federation. In addition, the law establishes the obligations of the digital ruble platform operator and liability for non-compliance.
Collection of taxes
Since the digital ruble account is a separate type of bank account, the law also establishes the procedure for taxation of transactions with it. Thus, operations for opening and maintaining an account and transferring funds using a digital currency platform are exempt from VAT.
To determine personal income tax, the law establishes the date of actual receipt of income when digital rubles are credited to the taxpayer’s account. And to determine the corporate income tax in cases where income or expense transactions are carried out using the digital ruble, the procedure for recognizing income or expense under the accrual method, as well as under the cash method, is provided.
At the same time, the law also assumes that the digital ruble can be used to account for tax obligations for special tax regimes - the single agricultural tax, the simplified tax system, the tax on professional income and the general tax system.
The law will come into force on January 1, 2025.