Digital financial assets get tax incentives
The Federation Council approved the law on a special procedure for taxation of transactions with digital financial assets (DFAs) and hybrid digital rights. This will promote conditions for free circulation of digital rights.
The basic law on DFAs came into force back in 2021, but tax issues were left unregulated then. These assets were subject to the effective regulations, which hampered the development of this market.
The new procedure regulates payments of corporate profit tax, personal income tax and VAT related to transactions with such instruments. Specifically, Russian companies — DFA owners will be obliged to pay 13% on the income received from a DFA issuer (or 15% if the taxable base exceeds 5 million rubles per year). For foreign companies, the profit tax rate is set at 15%.
The personal income tax rate will be 13%. It should be noted that transactions with DFAs, just as with securities, are not subject to VAT.
Transactions with hybrid digital rights are subject to VAT, but with a number of exclusions.