12:47 - 10.06.2022

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June 10, Fineko/abc.az. Individuals who receive income from cryptocurrency transactions must obtain an INN by registering at the tax authorities, ABC.AZ was informed at the State Tax Service.

In accord with Article 101.2 of the Tax Code, it is necessary to calculate income tax at the rate of 14% from the income received and pay it to the State Budget no later than March 31 of the following year by submitting an Income Tax Declaration to the tax authority.

"According to Article 99.3.8 of the Tax Code, any other income (if presented) indicating an increase in the initial value of the taxpayer's assets - except wages – is considered his income from non-entrepreneurial activities.

Based on this, the moment of receipt of income is considered the moment of presentation of the purchased cryptocurrency, and the increase in the price of the cryptocurrency from the moment of its receipt to the date of its presentation is taken as taxable income," the State Service said.