THE TAX CODE WILL BE SUPPLEMENTED WITH THE CONCEPT OF THE DIGITAL RUBLE

In the first reading, the State Duma approved amendments to the Tax Code. It will introduce such a concept as a "digital ruble account". The changes will take effect from 01.01.2025.

The amendments include the collection of debts from taxpayers in digital rubles in the event that there are no funds on other accounts or there are not enough of them. Employees of the tax authorities will be empowered to suspend taxpayers' operations on the digital currency account until they confirm the fact of debt payment. In addition, processes related to the opening and maintenance of a digital ruble account, as well as processes related to transfers in digital currency, will be exempt from VAT. However, the personal income tax and the income tax of owners of digital rubles will continue to exist.

Recall that the law on the digital ruble came into force on August 1 of this year, which expanded the forms of the national currency, adding digital to cash and non-cash forms. The currency in digital rubles will be located on the Central Bank's platform in digital wallets. Their owners can be both individuals and legal entities. For individuals, various payments and transfers in digital rubles will be made free of charge, but organizations will be subject to a commission on transfers in the amount of 0.3% of the payment.

Real operations with the digital ruble have been tested since August 15. The first stage involves the establishment of basic processes, such as the creation and replenishment of digital wallets, as well as transfers in digital rubles between citizens, payment for goods and services using QR codes, autopayments. So far, residents of 11 Russian cities can participate in the establishment of digital currency exchange.