- Russia has adopted a new law for taxing digital ruble transactions.
- The law covers digital ruble platform operators as well.
- The Deputy Minister of Finance said the digital ruble would stimulate foreign trade.
The President of Russia, Vladimir Putin, has signed new legislation that establishes rules for taxing digital ruble (CBDC) transactions, according to a report by a local media outlet.
The move comes after Russia’s central bank announced the start of real-world tests of the digital currency with 13 banks and limited clients on August 15 following the enactment of the digital ruble law in July.
Digital Ruble Introduced in Russia’s Tax System
As reported by local media outlet Telesputnik, Putin has signed new legislation dubbed the Tax Code of the Russian Federation, making it possible to establish legal relations related to transactions conducted in the digital ruble.
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“According to the new law, tax authorities now have the opportunity to suspend transactions on digital ruble accounts and require the platform operator to provide documents confirming the fact that funds have been written off from the taxpayer’s account and transferred to the budget system of the Russian Federation,” the report stated.
Further, the law establishes the obligations of the digital ruble platform operator and liability for the failure to fulfill them.
Other provisions of the legislation include specific taxations on the digital ruble, such as VAT exemption on opening and maintaining an account and transfer of funds using the digital currency platform.
While keen observers speculate that the digital ruble aims to circumvent the financial sanctions imposed on Russia after its Ukraine invasion, the report clarified that CBDC will “play an important role in international trade.”
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Per Deputy Minister of Finance of Russia Alexey Moiseev, the digital ruble “is a tool of foreign trade in the EAU,” thanks to its potential to cut costs and reduce risks in international trade operations.
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