The sale of DFAs for precious metals may be exempt from tax
Date: 2023-07-17 Author: Karina Ziganova Categories: CRYPTO PAYMENTS, IN WORLD
The State Duma proposed to zero VAT when selling a digital financial asset by its manufacturer, but on one condition.
The sale of digital financial assets (DFAs) for precious metals may be exempt from value added tax (VAT). This is reported by Interfax with reference to the deputy head of the Ministry of Finance Alexei Sazanov.
At a meeting of the Duma budget committee, Sazanov said that the issue of exemption of individuals from paying VAT on the sale of DFAs for precious metals is being considered. However, zero VAT will not always be. The Ministry of Finance proposes to zero the tax on the sale only in the case when the DFA is the right to receive an ingot, Sazanov noted.
"If an individual buys DFAs that imply utilitarian rights - I mean receiving a precious metal bar - so that when buying such a DFA, VAT does not arise, there will be zero VAT on the sale of such DFA by the manufacturer, provided that this DFA is the right to receive an ingot," Sazanov explained.
The proposed measure is designed to level the playing field for investors, since the authorities removed VAT on the sale of precious metal bars to individuals by banks back in March 2022.
In June 2022, the State Duma adopted a law on the taxation of DFAs. Now the authorities levy a tax of 13% on income from the sale of DFAs. If the amount of tax on an annual scale exceeds ₽5 million, then the rate increases to 15% of the excess amount. For foreign investors, the default tax is 15%. At the same time, DFA issuers are exempt from paying value added tax.
In the meantime, DFAs may appear on the Moscow Exchange by the end of 2023. At least the company itself is counting on such a period. The Ministry of Finance is not against the admission of DFAs to exchange trading, but on condition that they will issue a digital certificate for uncertificated securities. At the same time, in April, the ministry saw risks in the admission of DFAs to stock exchanges. Then the ministry warned that integration could lead to a blurring of the line between DFAs and securities.
