Ukraine is preparing tax legislation for cryptocurrency

The Ministry of Finance of Ukraine announced the creation of a working group to prepare tax legislation on cryptocurrency . It is reported by the press service of the Ministry of Finance.

On the website of the Ministry of Finance of Ukraine on this issue reported :

“The Ministry of Finance informs you about the creation, starting from October 16, 2018, of two working subgroups to develop positions regarding

– VAT taxation of software product supply operations (with the aim of preparing a draft generalizing tax advice;

– problematic issues of taxation of operations with cryptocurrencies (in order to assess the possibility of preparing generalizing tax advice on the existing legal framework, or recognition of the concept of changes in tax legislation).

The summarized positions of the working groups will be submitted to the Expert Council for the preparation of summary tax consultations in the fourth quarter of 2018.

We invite specialized experts and experts to participate in the development of these explanations.

Applications for participation together with working materials (existing ready-made positions, projects and developments on specified topics) by October 12, 2018, please send to the address of the Secretary of the Expert Council: [email protected] ”.

Ukraine is actively discussing cryptocurrency issues

Recall that yesterday it became known that another cryptocurrency bill was registered in Ukraine.

The author of the draft Law of Ukraine No. 9083-1 “On Amendments to the Tax Code of Ukraine Concerning the Taxation of Transactions with Virtual Assets in Ukraine” is a member of the Movement of New Forces (founded last year by Mikhail Saakashvili) Yuri Derevyanko.

It is proposed not to levy taxes on income derived from operations with cryptocurrency, until December 31, 2030. According to Derevyanko, this segment is the engine of the new economy. It needs to be legalized and regulated, as well as provide tax holidays for the next 10 years.

And at the end of September there were reports that a national electronic currency created on the basis of blockchain technology may appear in Ukraine. This is what the NBU is doing now. According to experts, the electronic hryvnia will give Ukrainians greater protection of their funds and significantly speed up the time of transactions.