[2017-11-03] Ukraine Drafts Law to Exempt Crypto Income and Profits from Taxatio

[ivanpoldark]

A bill has been submitted to the Ukrainian parliament to amend the country’s tax code to exempt cryptocurrency income and profits from taxation, including from buying, selling, transacting, and mining.

Bill Seeks Crypto Tax Exemptions

The head of the Committee on Tax and Customs Policy of the parliament of Ukraine, Nina Yuzhanina, submitted a bill to the parliament to amend the country’s tax codes with regards to cryptocurrencies and their derivatives. This bill is referred to as Bill No. 7246 and was submitted on October 30.

The bill seeks to amend the tax code of Ukraine to exempt the profits from the purchase and sale of cryptocurrencies and their derivatives as well as revenues from cryptocurrency operations and from mining. According to the note accompanying the bill submitted to the parliament:

In order to create an effective mechanism for stimulating the market of cryptocurrency in Ukraine, the logical step is the exemption from taxation of profits of enterprises…Income from cryptocurrency operations should not be included in the calculation of the total monthly (annually) taxable income, and transactions with cryptocurrency and mining crypto goods are classified as transactions that are not subject to taxation.

This new bill is the third submitted to the parliament for the legal framework of cryptocurrencies. The first was submitted in the first week of October. It proposes considering cryptocurrency a property that can be exchanged for other goods and services.

The second bill was submitted one week after the first bill. Entitled “On the stimulation of the market of cryptocurrencies and their derivatives in Ukraine,” the bill proposes treating cryptocurrencies as financial assets. This third bill is meant to be a follow up to the second bill and provides provisions for crypto derivatives as well as cryptocurrencies themselves.

Read more: https://news.bitcoin.com/ukraine-drafts-law-exempt-cryptocurrency-income-profits-taxation/

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[iamTom123]

Wow! Ukraine is leading the way which other countries should copy as far as taxation for cryptocurrency is concerned. I am  sure that if eventually approved this can be a big advantage to many fintech companies to relocate or start their business in the said country because the environment is really good and the government has a very supportive attitude towards this new and revolutionary platform.

While other countries are planning on how to ban and control the growth of Bitcoin, Ukraine is pursuing the path which can help the country reap all the benefits of cryptocurrency. They must have been looking at the success of Japan and wanted to even do more by exempting transactions from taxes. Countries which are friendly with Bitcoin will always be appreciated by the global Bitcoin community and we should always remember Ukraine on their open arms and space for the cryptocurrency business.

Thank you, Ukraine! Let's see if this can also encourage other countries to be offering the same perks and privileges.

[777Bitcoin]

Ive been dreaming of this kind of bill that must be pass on our lawmakers next year. Even we have no laws regarding taxation or legalisations of cryptocurrency in our country but to have this kind of exemption is a recognition of bitcoin is a big impact to the citizens and the investors. I’m curious of how bankers will react on this? Does they will shout and said it’s UNFAIR. That’s a good move from Ukraine taxation board I would assume that he/she is also a bitcoin believer.

[Terraformer]

Wow! Ukraine is leading the way which other countries should copy as far as taxation for cryptocurrency is concerned. I am  sure that if eventually approved this can be a big advantage to many fintech companies to relocate or start their business in the said country because the environment is really good and the government has a very supportive attitude towards this new and revolutionary platform.

While other countries are planning on how to ban and control the growth of Bitcoin, Ukraine is pursuing the path which can help the country reap all the benefits of cryptocurrency. They must have been looking at the success of Japan and wanted to even do more by exempting transactions from taxes. Countries which are friendly with Bitcoin will always be appreciated by the global Bitcoin community and we should always remember Ukraine on their open arms and space for the cryptocurrency business.

Thank you, Ukraine! Let's see if this can also encourage other countries to be offering the same perks and privileges.

I should be greatly surprised if the bill will be approved and supported by the parliament members. I have relatives in Ukraine, they say there a lot of bills in the parliament covered with dust. Besides, ukrainian government very rarely adopted laws where they can lost financial gains, only increases taxes.

[Immakillya]

That's great! Now people there won't be worrying about charging them taxes if ever the law is approved by the government. So i hope the government will approve it. But it's not going to be easier to pass the bill because cryptocurrencies are also source of income just like any other business. Anyway, there's no such law that cryptocurrency should be charge it's users with tax. But if it gets approved by the government. Then i should move to Ukraine. That's the perfect place for cryptocurrency traders. Kudos to those people who are pushing the bill to be approved. I guess they are traders too😄😄

[Karakyli]

If the Parliament of Ukraine accepts the introduced bill on the exemption of citizens from taxation on profits from operations with crypto currency, it will be a revolutionary law that could be an example of the regulation of the crypto currency for other countries. So far no one country has done this. Now the whole world is talking about Ukraine and this bill. The bill is really good for the crypto currency and people involved in it.

[Basmic]

Wow! Ukraine is leading the way which other countries should copy as far as taxation for cryptocurrency is concerned. I am  sure that if eventually approved this can be a big advantage to many fintech companies to relocate or start their business in the said country because the environment is really good and the government has a very supportive attitude towards this new and revolutionary platform.

While other countries are planning on how to ban and control the growth of Bitcoin, Ukraine is pursuing the path which can help the country reap all the benefits of cryptocurrency. They must have been looking at the success of Japan and wanted to even do more by exempting transactions from taxes. Countries which are friendly with Bitcoin will always be appreciated by the global Bitcoin community and we should always remember Ukraine on their open arms and space for the cryptocurrency business.

Thank you, Ukraine! Let's see if this can also encourage other countries to be offering the same perks and privileges.

Ukraine is not a state that can set the trend in the world. There's a lot of corruption but there it group. There is no single center of corruption in Russia. They can pass a law that allows senators to launder through bitcoin illegal income. This does not mean that other countries will copy this example. In addition, the government of Ukraine has great influence is the IMF. They can ban and laws will not be accepted.

[Cloud27]

This a good news for cryptocurrency world not only for Ukrainian if the bill is approved. The bill is seeking a tax exemption for any income and profits from selling and buying. I hope this bill will not use as an advantage for any malicious cryptocurrency activities for some politicians.

[hatshepsut93]

Meanwhile, Ukraine's National Banks opposes all recent cryptocurrency bills, and they even refuse to call it currency, because in their eyes there's no currencies except national currencies. So, they want to see Bitcoin having a status of commodity or asset, just like in many other countries. But it will be the Parliament who will vote for those bills, so National Bank really has no influence here.
But for now it's hard to say whether those bills will pass or the government instead will try to oppose cryptocurrencies. There's also a possibility that cryptocurrencies will stay in legal limbo for years.

[jekjekman]

Meanwhile, Ukraine's National Banks opposes all recent cryptocurrency bills, and they even refuse to call it currency, because in their eyes there's no currencies except national currencies. So, they want to see Bitcoin having a status of commodity or asset, just like in many other countries. But it will be the Parliament who will vote for those bills, so National Bank really has no influence here.
But for now it's hard to say whether those bills will pass or the government instead will try to oppose cryptocurrencies. There's also a possibility that cryptocurrencies will stay in legal limbo for years.

Why are they opposing bills for the crypto currencies are they against it or what.
Ukraine's parliament is trying to pass some bills to regulate the use of bitcoin and
this bill for the taxation will really be a good development which only means that
Ukraine's government recognized the existence of the coin an it's potential as a currency.
Hope the bill will be approved by the parliament to have a more fair taxation for
income coming from bitcoin.

[Karakyli]

Of course, I want to believe that such a bill in Ukraine will indeed be adopted and Ukraine will be the first country in the world in which there will be no profit from operations with crypto currency taxed after the regulation of the crypto currency. It will also contribute to the massive use of crypto currency by the population of the country and the gradual replacement of conventional cash and non-cash money from circulation.