Deputies and members of the cryptocurrency industry in Ukraine has drafted a new bill under which the tax on income from activities related to digital currency, will be 5%. It will have to pay and physical and legal persons.
The bill provides for the introduction of tax rate of 5% of the profit from cryptocurrency trading and production. The percentage will be considered from the difference between purchase price and sale of digital assets, as well as between income and expenditure for mining. Apply tax only in case of exchange of cryptocurrency funds in Fiat money and payment of goods and services. Crypto-to-crypto transactions be taxed will not.
The bill was developed by group of deputies led by Alexei Musaka and two dozen representatives of the cryptocurrency business. The tax regime that they propose will be temporary: in the period from 2019 to 2025. According to Mushaka, cryptologist in Ukraine accepted the draft law positively.
“The state should not intervene in the process of exchange of one cryptocurrency to another, but has the right to control their way out of the Fiat… 5% is the optimal figure. In fact, this price is for the legalization of income from cryptocurrency activity,” said Artem Afian, managing partner of the Juscutum involved in the development of innovative areas of legal practice in Ukraine.
It is worth noting that the profits from crypto-currencies will also be subject to a 1.5% military tax introduced in Ukraine in 2014. Responsible for the taxation of the State fiscal service of Ukraine and the Ministry of Finance.
Recall that the cryptocurrency sphere in Ukraine is not yet legalized, despite its active development. Officials are in no hurry to make decisions about this: three bills are under consideration at the Verkhovna Rada in Kyiv from October of last year, and the fourth plan to develop only by September. A month earlier on the official website of the National Commission on securities and stock market (NCSSM) has information about what the Agency is likely to regulate the cryptocurrency market in the country. In addition, the concept of normative regulation proposed by the Commission supported the Council for financial stability in Ukraine. It is expected that the securities Commission will issue licenses to cryptomeria, monitor their activities, and monitor the ICO in the country.
In June it became known that the State service of special communication and information protection of Ukraine is not going to introduce a license for mining because it considered these activities risky. Because of official disapproval of the authorities, the miners try to work as hidden as possible. How will all this be consistent with the above tax regime is not yet clear.
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