Сrypto assets transactions in Ukraine will be taxed
If the digital asset operations provider gains income only in the crypto industry its will be taxed at 5%. The same tax is supposed for an individual’s income, who will additionally should to pay a military fee of 1.5%.
Such proposals are in the draft of Ukraine Tax Code changes, which concerns the taxation of transactions with virtual assets (VA). The project describes the features of taxation of transactions with VA, income declaring, and paying taxes procedures.
The draft defines as a taxation object the profit received from the sale of VA or its alienation. The document is sent for deputies’ exploration. It’s expected it will be registered in parliament next week.
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The concept of a virtual asset (VA) appeared in Ukrainian legislation after the adoption of the Virtual Assets law, which regulates cryptocurrency transactions within the country. This is an intangible benefit that can be secured or non-secured. VA can be used as a means of payment, they also can’t be exchanged for property or services. They can be issued by Ukrainian citizens, its turnover is regulated by the National Bank.
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At the same time, the new law will come into force only after the adoption of amendments to the Tax Code related to the VA transaction taxation.
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