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17.09.2018 | 16:40

Parliament may legitimate cryptocurrency taxation

Draft law on tokens and cryptocurrencies taxation was registered in the Parliament.

Drat law on tikens and cryptocurrencies taxation was registered in the Parliament at #9083. According to the web site of the Parliament, more than 20 MPs from different fractions are authors of the legal innitiative. 

As the authors note, at a conservative estimate, Ukrainians own cryptocurrencies and other virtual assets at about UAH 100 billion. 

"If operations with virtual assets are introduved into legal framework the budget will additionally receve not less than UAH 1.27 billion per annum in 2019-2024," the explanatory note to draft reads. 

Aim of draft law adoption:  
- take great volume of operations out of the shadow market; 
- replenish the state budget for the account of drastically new type of incomes of individuals and legal entities, incomes from operations with virtual assets; 
- promotion of virtual assets market development in Ukraine. 

The document sets that base rate tax - 18% for profit of enterprises gained from virtual assets operations since January 1, 2024. At that, the authors of draft law consider necessary to set temporary income tax rate for the respective enterprises at 5% during the legal regulation formation of the virtual assets market. 

"The most expected drat law (only its tax part) was registered. It's already verified and based on the real facts. Ukraine isn't positioned as crypto offshore. However, we have all chances to become one of the most easy-to-understand cryptoeconomy jurisdiction," Managing Partner of Yuscutum Artem Afyan noted at his Facebook

References in the article: taxation, parliament, cryptocurrency, token
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