BasEx | Digital Ruble in the Russian Tax System
Digital Ruble Integrated into Russian Tax System
08.12.2023
Digital Ruble Integrated into Russian Tax System

On December 7, the State Duma of the Russian Federation adopted a law that involves the integration of the digital ruble into the tax regulation and control system, as reported by RIA Novosti.

The document introduces the concept of a "digital ruble account" into the Tax Code.

Starting January 1, 2025, this new asset can be seized in cases where there are insufficient or no other funds in a citizen's account.

Tax authorities will have the right to suspend transactions on digital ruble accounts and demand supporting documents for their debiting as contributions to the state budget.

Operators of the digital ruble platform will be required to comply with tax control and will be held accountable for violating these requirements.

Additionally, the law outlines the procedure for taxing transactions with the new asset.

Previously, Russian President Vladimir Putin stated that "advanced solutions, including those based on blockchain and CBDC, could ultimately undermine the monopoly of large Western banks."

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