[2018-09-07] Ukrainians Advised to Pay 19.5% Tax on Crypto Incomes

[hatshepsut93]

...
there's no interest from the leaders of the country whatsoever.
...

These 3 Ukrainian politicians would respectfully disagree:
https://www.coindesk.com/45-million-ukrainian-lawmakers-reveal-big-bitcoin-holdings/

So, 3 MP's out of 450? That's nothing. And I've said leaders, meaning the President, Prime Minister, Finance or Economy Ministers, etc.

It's similar to how pretty much what most of the countries around the world are doing with crypto taxation.

If you receive income in the form of bitcoin, obviously you're going to still be paying tax on it. Bitcoin is not some sort of tax haven, it's merely just another form of payment for income in the government's eyes. And this is pretty much all this policy is about, there is nothing special here. It's interesting though that they're regarding CGT as regular income tax, and having no apparent policy as to using bitcoin as a means of payment.

The tax on mining though could mean that some miners could potentially be disincentivized from mining within Ukraine, due to 20% of their profits being taxed.

Notice how the guy from the article said that you can obtain Bitcoin via mining or trading. He didn't say that you can receive it for selling goods or services, and that's probably because the law is very murky here, so one might even get into trouble by using Bitcoin as a currency if they operate with really high volumes. But small businesses and freelancers should be fine, they've been working with not fully legal payment systems or using various schemes for years.

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[veleten]

now that IMF and the goverment didn't see eye to eye regarding a new credit
Ukraine will need every penny it can squize out of its lucky inhabitants
and seeing that the presidential race is in full swing , the need for money is balanced by the need to appease the electorate somehow
but it is certainly NOT the top priority for all that are in power currently, their top priorities are army, selling their resources cheap to Europe and
generally making the country poorer and themselves richer
cryptocurrency tax would fit right in in this scheme

[rodskee]

The rate in this country related to the incomes taxes it currently at 18% (the highest has been 20%) So what? Not much difference compared the incomes. Any income shall be taxed, there is nothing wrong. At least the citizens know where the government stands, but generally speaking, any citizen knows there will be a tax.

https://tradingeconomics.com/country-list/personal-income-tax-rate

I am totally agree with you every citizen are have obligations for their loving country
But in cryptocurrency I didn't know how to make it because its an anonymous currency
That's the reason more countries want crypto become regulated currency

[Yurkov]

Still better, then banning trading, but i think not much effect will be achieved, lots of methods in ukraine no to declare this income. Using btc atm for example and getting cash, if we are not speaking about million of dollars of course.

That is true, i have the same opinion, it is better for the country to make taxes on incomes from crypto than banning them, cause thanks to that  people could still use them without any fear.

[bitmover]

Still better, then banning trading, but i think not much effect will be achieved, lots of methods in ukraine no to declare this income. Using btc atm for example and getting cash, if we are not speaking about million of dollars of course.

That is true, i have the same opinion, it is better for the country to make taxes on incomes from crypto than banning them, cause thanks to that  people could still use them without any fear.

Every asset is taxed. There are very few exceptions. Nobody likes to pay taxes, but that's the law

In Brazil people must pay 15% of the your gains.
Regulation comes with cons (taxes and burocratic rules) and benefits (safer exchanges for example)

[ZoomhashLLC]

The rate in this country related to the incomes taxes it currently at 18% (the highest has been 20%) So what? Not much difference compared the incomes. Any income shall be taxed, there is nothing wrong. At least the citizens know where the government stands, but generally speaking, any citizen knows there will be a tax.

https://tradingeconomics.com/country-list/personal-income-tax-rate

Yep, he hit it right on the money.

[Irvinn]

The fact that the Ukrainian government wants to introduce tax rules on the payment of 19.5 percent of the profits in the crypto currency before the adoption of the relevant laws on the regulation of the crypto currency, I can say with certainty that this will not work even if this percentage is too high. If the tax was a few percent, it could be paid in half the cases, and no one will pay such a high percentage. In the crypto currency, you can now find many options to circumvent these rules. The majority will wait for the adoption of laws, the proposed bills are more loyal: one provides for a complete absence of taxation for the use of crypto currency, and another provides for the payment of 5 percent of the tax.

[LeGaulois]

The rate in this country related to the incomes taxes it currently at 18% (the highest has been 20%) So what? Not much difference compared the incomes. Any income shall be taxed, there is nothing wrong. At least the citizens know where the government stands, but generally speaking, any citizen knows there will be a tax.

https://tradingeconomics.com/country-list/personal-income-tax-rate

Actually only people who were indoctrinated by years of government propaganda can repeat slogans like "all income should be taxed". Saying no to the abuse is one of the fundamental rights of a human being and taxes of almost 20% on top of VAT, excise and property tax are an abuse.
If the government is abusing the miners they should leave and move the businesses somewhere else. A couple months ago there was a case of Polish government abusing traders and demanding 1% of every transaction on top of the income tax. As a result all exchanges moved out of the country. 

It has nothing to do with government propaganda. Every citizen has to participate in the country. Money doesn't grow on trees ( as far as I know) How do you want to run a country if the country has no income. People complaining about taxes are the same people complaining about how infrastructure are bad in their country. How roads are shit, the hospitals look like basement underground etc. So you want a free school for your children but don't want to pay a tax? It's not how things work.

Then, claiming a 20% VAT is an abuse is a little exaggerating. How do you know it is an abuse? How do you define what is not an abuse?

[acheampong64]

The fact is that there is ideally nothing wrong with charging tax on profits but how are they gonna do that- that's i mean monitoring the profits earned. Does that mean they are gonna require everyone to bring forward earning statements?
Well, anyways anytime i hear news and it's not about banning, I feel good and happy.