Russian officials will be able to specify the virtual currency in the...

Russian officials will be able to specify the virtual currency in the income declarations


Enjoyable for all civil servants news revealed on closer examination of the forms of income statement in which cryptocurrency is simply not included. According to representatives of the Ministry of labor, it was done deliberately, as now in Russia cryptocurrency is not legally regulated, and their legal status remains uncertain.

In addition, the Ministry of labor has updated the guidelines for civil servants, from which it is clear that officials will not specify among its income of virtual currency in the provision of information about income, expenses, assets and liabilities for reporting in 2017.

Methodical recommendations for Declaration by civil servants of information about income and assets are updated annually by the Ministry of labour jointly with the presidential Administration. The document introduces important amendments and recommendations, which civil servants must follow when declaring information about their property and income. In the new document for the first time clarified as a separate item that the virtual currency in the income statements can be omitted.

However, the new list of income expanded to include the item on the cash funds received from relatives and third parties on a non-returnable basis. Regional and municipal civil servants, employees of non-budgetary funds and employees of the Bank must submit a Declaration by 30th April, the President, Federal civil servants and employees of the presidential Administration less time — document obliges them to report the income until April 1, 2018.