Just read Ukrainian Parliament Proposes Tax Bill for Digital Currencies

Ukrainian Parliament Proposes Tax Bill for Digital Currencies

The Verkhovna Rada, the parliament of Ukraine, has proposed a bill that, once passed into law, would tax operations with crypto assets, according to a draft law published September 14. The tax bill, which was initiated by 23 government officials, suggests a five percent tax on individuals and legal entities operating with virtual currency assets, such as cryptocurrencies and tokens. Starting Jan. 1, 2024 crypto-related profits by businesses would be taxed at 18 percent, which is a basic rate for corporate and personal income tax in Ukraine, according to Trading Economics. In September 2017, the Ukrainian Cabinet of Ministers on the Financial Stability Board, which operates under the Verkhovna Rada, convened to determine the legal status of virtual currencies such as Bitcoin (BTC). In June, the State Service for Special Communication and Information Protection of Ukraine revealed that the authority is not planning to regulate cryptocurrency mining, citing the uncertain status of cryptocurrencies and unpredictable reactions by authorities.

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Wednesday, September 19, 2018