Crypto can erode tax base, Russia's tax boss says

Crypto can erode tax base, Russia's tax boss says


The Russian Federal Taxation Service (FNS) is actively monitoring the cryptocurrency market to prevent tax evasion, FNS head Daniil Egorov said.

Cryptocurrencies can potentially cause “significant erosion” to Russia’s tax base, Egorov argued in a Monday interview with the local publication RBC.

But cryptocurrency transactions are still traceable and should be reported, the official said, adding that FNS is ready to deploy automated tracking systems to process big data volumes.

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“When you get into the digital space, you still leave a trail somewhere. And it’s a matter of time before this trail is identified,” Egorov declared.

The official also noted that FNS is now coming up with ways of responding to crypto tax evasion practices as the authority looks to curb such activity rather than just to identify it.

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