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The state-run news agency TASS <a href="https://tass.ru/ekonomika/21895855" rel="noopener noreferrer nofollow">reported</a> that Russia plans to tax cryptocurrency miners by their electricity consumption. Deputy Finance Minister Ivan Chebeskov stated the intention on September 18 at the "Future of the Insurance Market" forum in Moscow.
Taxing Electricity?
The initial phase of the tax on cryptocurrency mining is expected to take the form of an excise tax on the electricity used by miners, which offers a simpler alternative to tracking the exact cryptocurrencies mined. Deputy Finance Minister Ivan Chebeskov emphasized the ministry's long-term preference for a profit-based tax but acknowledged the challenges associated with miners who may not fully disclose all their wallets.
Consequently, taxing electricity consumption presents a more straightforward approach. Chebeskov indicated that legislation could be enacted during this autumn's session to formalize this taxation method, reflecting the complexities of accurately assessing miners' profits. He stated,
“We understand that this is, in principle, the correct structure – like everyone else, like any [form of] business. An intermediate system could be based on taxation in the form of excise taxes. However, so far, no decision has been made on this matter.”
<a href="https://cryptotale.org/russia-to-tax-crypto-miners-based-on-electricity-consumption/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>
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Russia to Tax Crypto Miners Based on Electricity Consumption

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