Facebook Pixel

Ukraine to impose a tax on transactions with cryptocurrencies. What the tax rate will be

Ukraine has prepared draft amendments to the Tax Code that are intended to regulate the taxation of transactions with virtual assets (cryptocurrencies).

According to the document at the disposal of The Page, the taxable item is only the profit received from the sale of virtual assets or other form of their alienation:

  • for legal entities and service providers, the rate is established at 5%. The rate is valid provided that the company has no other income except for the income from virtual assets related to the field of activity;
  • for individuals, the rate will be 5% plus an additional military tax of 1.5%. The total is 6.5%.

"My opinion is that this is cool! It is clear and simple, and the percentage is sane. Profit. Not turnover, but profit! We are waiting for the changes to be adopted. This is cooler than any capital amnesty. One pays only for what one has withdrawn. The rest is kept tax-free in the cryptocurrency," Michael Chobanian, founder of the crypto exchange KUNA.io, commented.

The draft also explains the peculiarities of taxing transactions with virtual assets, declaring incomes, and the procedure for paying taxes. According to it, the taxable item is the profit earned from selling VA or their other alienation.

The documents were sent to familiarize the deputies with. The bill is planned to be registered next week after 50 MPs support it. This was reported to ForkLog in the inter-factional association of People's Deputies Blockchain4Ukraine.

Note that without adopting amendments to the Tax Code, the previously adopted law "On virtual assets" will not come into force.

Join us on social networks!
Thank 🎉