20/11/19 05:09 UTC-5

Ukraine introduced a bill on taxes on crypto-revenues

OtherThe bill of Ukraine on taxes on crypto-revenues
The bill of Ukraine on taxes on crypto-revenues

The Ukrainian Blockchain4Ukraine inter-faction organization, the Ministry of Digital Transformation and the team of independent experts Better Adjust Delivery Office (BRDO) submitted to the Verkhovna Rada a draft taxation on income from cryptocurrency transactions.  


Parliament innovations

In the project, cryptocurrencies and tokens were defined as “a special type of valuable property in digital form created, taken into account and implemented in electronic form”. Also, the latest cryptocurrency news reports that they have written in the document, the investment income from operations with crypto-assets will be calculated as the positive difference between the income received by the taxpayer from the sale of the crypto-asset and its value, which is determined from the amount documented expenses for the acquisition of such a crypto-asset and/or for the creation of such a crypto-asset.

Crypto-income is typically taxed at a standard rate of 18%. But there is an initial 5% rate for traders on personal income from the sale of crypto-assets during the five-year period after the bill is issued, if it is adopted by the Ukrainian authorities.

Selling crypto-assets will not be subject to value added tax (VAT). For tokenized assets, a different tax rule will apply, defined as digital assets proving property rights or non-property rights. In these cases, tokens will be taxed in the same way as goods or services supporting them. The ministry reported:

“We are confident that the adoption of this bill will create the conditions for launching the virtual asset market in accordance with the legislation of Ukraine, taking into account the balance of interests of entities engaged in operations with virtual assets and the state, which will receive additional tax income from such transactions.”

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Editor: Alyona Deryabina