Russian State Duma Passed Bill to Remove VAT on Digital Assets Sales

The State Duma, the lower house of the Russian parliament, passed a bill on the taxation of digital assets on Tuesday which exempts the sales of digital assets in Russia from VAT and reduces the income tax rate. The current income tax rate for companies selling digital assets is 20%, and the bill establishes income tax rates of 13% for Russian exchanges and 15% for foreign exchanges. The bill still needs to be reviewed by the upper house and signed by President Putin to become law.