{"id":63202,"date":"2023-09-19T21:20:15","date_gmt":"2023-09-20T01:20:15","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/russia-to-integrate-digital-ruble-with-tax-code\/"},"modified":"2023-09-19T21:20:18","modified_gmt":"2023-09-20T01:20:18","slug":"russia-to-integrate-digital-ruble-with-tax-code","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=63202","title":{"rendered":"Russia to \u2018Integrate\u2019 Digital Ruble With Tax Code"},"content":{"rendered":"<div>\n<p>Russia is set to \u201cintegrate\u201d its CBDC, the digital ruble, into its tax system, with legislation set to roll out before the year\u2019s end.<\/p>\n<p>Per Prime, the State Duma\u2019s Committee on Budgets and Taxes has approved a private member\u2019s bill that seeks to amend the Tax Code.<\/p>\n<p>The amendment will allow tax bodies to \u201cintegrate the digital ruble\u201d into Russia\u2019s \u201csystem of tax regulation and control,\u201d lawmakers said.<\/p>\n<p>The bill will introduce concepts such as \u201cdigital ruble wallets\u201d into the Tax Code.<\/p>\n<p>It will also dictated that \u201coperations related to the opening and maintenance of digital ruble wallets\u201d are exempt from VAT.<\/p>\n<p>The draft law will also require parties to keep records of transactions and income in digital yuan wallets, as well as CBDC-related expenses.<\/p>\n<p>The judiciary, meanwhile, will be allowed to issue foreclose orders on digital ruble wallets in bankruptcies and similar cases.<\/p>\n<p>The committee has approved the bill, which was brought forward by the lawmakers Anatoly Aksakov and Olga Anufriyeva and the senator Nikolai Zhuravlev.<\/p>\n<p>Aksakov is the chief architect of Russia\u2019s crypto legislation and the head of the Duma\u2019s Financial Markets Committee.<\/p>\n<p>He has previously spoken of the CBDC\u2019s cross-border potential.<\/p>\n<p>Anufriyeva, meanwhile, is a former DeputyMinister of Taxes and Duties.<\/p>\n<p>And Zhuravlev is the former CEO of the Russian megabank Sovcombank.<\/p>\n<h2>Russia Drafting CBDC-Tax Laws<\/h2>\n<p>The bill will be submitted before the Duma on September 20 for its first reading.<\/p>\n<p>If approved, it will then be re-submitted for a second reading.<\/p>\n<p>If it then receives presidential approval, the bill could \u2013 in theory \u2013 promulgate on January 1, 2024, if not sooner.<\/p>\n<p>Earlier this week, the Central Bank claimed that its digital ruble project was \u201centirely separate\u201d from efforts to launch a biometrics-powered identification platform.<\/p>\n<p>The CBDC pilot got underway in mid-August in 11 cities nationwide.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/russia-integrate-digital-ruble-with-tax-code-moscow-forges-ahead-with-cbdc.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russia is set to \u201cintegrate\u201d its CBDC, the digital ruble, into its tax system, with legislation set to roll out before the year\u2019s end. Per Prime, the State Duma\u2019s Committee on Budgets and Taxes has approved a private member\u2019s bill that seeks to amend the Tax Code. The amendment will allow tax bodies to \u201cintegrate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":63203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-63202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Russia to \u2018Integrate\u2019 Digital Ruble With Tax Code | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Russia is set to \u201cintegrate\u201d its CBDC, the digital ruble, into its tax system, with legislation set to roll out before the year\u2019s end.Per Prime, the State\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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