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Author Topic: Ukraine plans to impose a tax on the operations with cryptocurrency  (Read 429 times)
Irvinn
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April 30, 2019, 06:55:58 AM
 #61

In the Ukrainian parliament, referred to as the Verkhovna Rada, four different bills seem to have been introduced, which both provide for exempt taxation and exempt it. Of course, in a hybrid war with Russia, it will be necessary to replenish the treasury to counter the aggression and most likely, the tax will be introduced. However, all states go this way. Even Japan first introduced very large taxes on cryptocurrency revenues, so there was even a question of lowering them. Only a few states, such as Belarus, do not yet provide such taxes.

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April 30, 2019, 02:39:18 PM
 #62

In the Ukrainian parliament, referred to as the Verkhovna Rada, four different bills seem to have been introduced, which both provide for exempt taxation and exempt it. Of course, in a hybrid war with Russia, it will be necessary to replenish the treasury to counter the aggression and most likely, the tax will be introduced. However, all states go this way. Even Japan first introduced very large taxes on cryptocurrency revenues, so there was even a question of lowering them. Only a few states, such as Belarus, do not yet provide such taxes.

Are these new bills, or existing bills?

Ukraine recently changed it's President on 23rd April 2019. And the Ukrainian Parliament doesn't have it's elections till October so it's not clear whether any of these crypto-tax bills will go through, or what the new President's policy will be.

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April 30, 2019, 03:42:48 PM
 #63

It will be difficult to do - good luck to the officials. They are waiting for a huge failure at the end. Crypto is decentralized and no one wants to pay taxes.

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April 30, 2019, 04:16:06 PM
 #64

I don't know how they are going to implement this proposal. I understand that the current Ukrainian regime is desperate for money. They lost the coal fields of Donbass to Russia and the gas transit revenue is dropping. The national currency has lost 70% of its value during the last 5 years. They are in difficult times.. but then taxing crypto operations is not the solution. It will just result in more revenue loss and may also force some of the crypto businesses to shift to other countries.

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April 30, 2019, 07:45:39 PM
 #65

Well if the countries will put tax on bitcoin and crypto this is it, but i wish to not tax bitcoin only when buy or sell and they only put tax if people get a profit over one year because if people are in a loss and pay fee even on loss is not good at all.

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April 30, 2019, 08:11:11 PM
 #66

I don't know how they are going to implement this proposal. I understand that the current Ukrainian regime is desperate for money. They lost the coal fields of Donbass to Russia and the gas transit revenue is dropping. The national currency has lost 70% of its value during the last 5 years. They are in difficult times.. but then taxing crypto operations is not the solution. It will just result in more revenue loss and may also force some of the crypto businesses to shift to other countries.
Ukraine is really struggling between their economic shortcomings and their political turmoil with Novorussia being a continuous thorn in their side. At this point, all they can do is hope that more taxes are enough to add money to the failing government's treasury because there will almost certainly be not enough revenue otherwise. Despite all the military assistance being poured into Ukraine, there seems to be little done by the coalition forces to help their economic situation.

Taxes on crypto likely won't be the solution to this issue. The revenue from it would be far too small to supplement the Ukrainian economy and if anything it might hard remittance payments coming back into the country. I don't know why they think it's a good idea because it will do nothing to help them. It'll just harm their country more.
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April 30, 2019, 09:04:17 PM
 #67

In order for Ukraine to impose a tax on cryptocurrency, they must first prepare for this an appropriate legislative base regarding cryptocurrency as a whole. Ukraine is now in complete chaos and decline of the economy as a whole. They would have to deal with current problems, and they are very far from cryptocurrency taxes.

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May 01, 2019, 06:56:08 AM
 #68

In order for Ukraine to impose a tax on cryptocurrency, they must first prepare for this an appropriate legislative base regarding cryptocurrency as a whole. Ukraine is now in complete chaos and decline of the economy as a whole. They would have to deal with current problems, and they are very far from cryptocurrency taxes.
many countries experiencing economic chaos switch to using cryptocurrency. many have analyzed crypto as a solution for economic recovery. of course if it is legalized the government will make a tax law

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May 01, 2019, 11:04:12 AM
 #69

I think it is a good opportunity for the name of Bitcoin to go in public. When someone new are on news people to know about it and that is why sometimes it could give a positive image to crypto and therefore study and learn about it.

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May 01, 2019, 02:48:14 PM
 #70

I don't know how they are going to implement this proposal. I understand that the current Ukrainian regime is desperate for money. They lost the coal fields of Donbass to Russia and the gas transit revenue is dropping. The national currency has lost 70% of its value during the last 5 years. They are in difficult times.. but then taxing crypto operations is not the solution. It will just result in more revenue loss and may also force some of the crypto businesses to shift to other countries.
Ukraine is really struggling between their economic shortcomings and their political turmoil with Novorussia being a continuous thorn in their side. At this point, all they can do is hope that more taxes are enough to add money to the failing government's treasury because there will almost certainly be not enough revenue otherwise. Despite all the military assistance being poured into Ukraine, there seems to be little done by the coalition forces to help their economic situation.

Taxes on crypto likely won't be the solution to this issue. The revenue from it would be far too small to supplement the Ukrainian economy and if anything it might hard remittance payments coming back into the country. I don't know why they think it's a good idea because it will do nothing to help them. It'll just harm their country more.

If the NATO is serious in helping Ukraine, then they should offer work visas to the residents there. Despite being a rival nation, Russia is home to more than 3 million migrant workers from Ukraine. What prevents the EU from giving preference to the Ukrainians over all those unwashed hordes from Syria, Nigeria and other Sub-Saharan African nations?

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May 01, 2019, 06:31:06 PM
 #71

It makes sense since it would help them get some more money and the tax is really just a welcoming to everyone involved in crypto at Ukraine, after all it is much better than banning bitcoin or even better than not saying anything about it. My country has no tax on bitcoin moves but it doesn't have banning too, it has no laws regarding bitcoin at all so we are here doing some bitcoin related stuff for years and we don't know if we are doing something illegal or legal.

Maybe the government will say that all bitcoin moves must be taxed and will back tax all of us and we will all be bankrupted in a day? Who knows. That is why Ukraine actually putting tax is a good step forward since it does allow people do whatever they want fully knowing what government thinks about it.
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May 02, 2019, 03:22:17 AM
 #72

Ukraine plans to impose a tax on the operations with cryptocurrencies

Well, good luck enforcing that... I think that's a stupid idea, too easy to circumvent. But i'm not surprised yet another country wants to do this. Politicians just don't know what to do with crypto, they can't figure it out because they haven't used it.

You could, maybe tax sales and property, but taxing bitcoin is akin to taxing some game money, ie WoW gold or such. And they just can't possibly track every single wallet out there, much less every single altcoin wallet out there.

Its just too easy for people to keep "hidden" wallets, should they be forced to "declare" a wallet for taxation. Politicians need to get a clue on what they are dealing with here. Taxing the virtual money itself isn't going to work to Ukraine or anybody else. My country for example pretends everyone should use a State owned exchange (so the fee includes the tax, and their arbitrary exchange rate)... Yeah, right.

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May 02, 2019, 03:57:26 AM
 #73

Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/
Actually that is good, atleast ukrania don't ban cryptocurrency. This is a recognition to cryptocurrency existance as asset and currency. Now the world agree that cryptocurrency is money. I hope the taxation rate is reasonable. Now the market is getting better but if the taxation rate is high then it can be bad for ukranian cryptocurrency holders.
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May 02, 2019, 06:03:32 AM
 #74

This information about Ukraine is quite accurate, but this is just a project law among other project laws. Unfortunately, some of them were already rejected by the Parliament, so the others appear and try to look at cryptos from a different perspective. I hope this project law will not pass, because I think that cryptos shpuld be treated like money and taxing money is wrong. 5% tax is not to bad, though, but the full 19.5% is unfair, because at first one will have to pay taxes for holding cryptos, and then pay them again when buying goods (since taxes are already a part of the price).

Well, for me, even if it would impose additional burdens on cryptocurrency users and investors, I somehow agree with imposing taxes on it because that would mean that the government of such country is fully supporting and backing the use and investments on cryptocurrency, which in turn, sees it as something legal and within the language of good business practices. Also, as a government would impose taxes on something, that would also mean that such government is affording such line of business or investment the ample protection it needs against shady characters that would tend to capitalize on it by doing illegal deeds. At least, those people who are delving into the cryptocurrency market in Ukraine would have the comfort of thinking that they are protected since they are paying taxes for their transactions.
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May 02, 2019, 06:09:05 AM
 #75

It will be difficult to do - good luck to the officials. They are waiting for a huge failure at the end. Crypto is decentralized and no one wants to pay taxes.
That is why they are also trying to be smart in playing on the intelligence of the companies involved in cryptocurrency by placing a fix tax on them, so I guess that they will not be taxed based on the knowledge of the financial report they have about the company, since blockchain technology has already blocked that from happening, the best way to still extort money from them in form of tax would be to place and enforce a fix amount of tax on them.

For them to know the companies using Blockchain technology in running their business, first thing they would do is to encourage them by allowing those companies to be legalized for crypto, and it is from this list they will enforce whatever they want to enforce.
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May 02, 2019, 06:37:08 AM
 #76

As most users mentioned it is really a difficult task to do, when people stay anonymous it is impossible to tax them on the transactions. Earlier Israel have taxed cryptocurrency based on the transaction and has added it to the commodities list along with gold and other tradeable metals. Here I'm not sure how this gonna function precisely and later no news came from Israel upon its collection process of tax on cryptocurrencies.

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May 02, 2019, 09:04:50 AM
 #77

In order for Ukraine to impose a tax on cryptocurrency, they must first prepare for this an appropriate legislative base regarding cryptocurrency as a whole. Ukraine is now in complete chaos and decline of the economy as a whole. They would have to deal with current problems, and they are very far from cryptocurrency taxes.
many countries experiencing economic chaos switch to using cryptocurrency. many have analyzed crypto as a solution for economic recovery. of course if it is legalized the government will make a tax law
The government may not really want to be directly involved because they feel like they will not be able to monitor the income of such company is making for them to be able to calculate proper tax, so the tactics I think they will use is to impose a very bug tax on them that will enforce them in tendering their company income for proper taxing, so they are still indirectly having control of their system without legalizing it.

Government are just too consumed with power and control that they  fail to see the benefit cryptocurrency will bring directly to them if they accept it, that is why I like what some smaller countries are already doing, by embracing crypto which may make their economy boom.




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