“The NCSMSC of Ukraine has published a detailed matrix of taxation of virtual assets. The recommendations are based on international experience and adapted to Ukrainian legislation. As an object of taxation, the regulator proposes to consider net income (not paid in case of losses) and revenue (payment at the time of entering the fiat). The commission indicates the complexity of administration in the first case and high tax encumbrance in the second. According to the EU standard approach, income is considered compensation received for goods/services or […]”, – WRITE: Businessua.com.ua
The NCSMSC of Ukraine has published a detailed matrix of taxation of virtual assets. Recommendations based on international experience and adapted to Ukrainian legislation.
As an object of taxation, the regulator proposes to consider net income (not paid in case of losses) and revenue (payment at the time of entering the fiat). The commission indicates the complexity of administration in the first case and high tax encumbrance in the second.
According to the EU standard approach, compensation received for goods/services or at the time of alienation of virtual assets in exchange for other assets, including virtual ones, is considered income. Another option is that the tax is not charged when exchanging Crypto-to-Crypto.
The matrix provides a standard rate of 18% income tax and an additional 5% military fee.
As an alternative, the model includes preferential tax rates of 5% and 9% for certain categories. For example, this is proposed to be applied to authorized EMT and Art with attachment to currency values. In addition, they can be exempted from tax, along with ART with a binding to precious metals.
The document also contains tax recommendations on mining, stinging, Airropes and hardphones. Actions such as free supply of tokens, tokens and virtual assets are storage, VAT will not be launched. However, this may be charged for rewards or services that include token modification or cryptocurrency.
“In the digital era, the issue of cryptocurrency taxes is not a hypothesis, but a reality that is approaching very quickly,” – said the document of the NCSSMC Chairman Ruslan Magomedov.
Earlier, the commission introduced the matrix to legislators and now plans to interact directly with market participants in the development of regulatory regulation.
It should be reminded that the entry into force of the Law on Virtual Assets approved in 2021 was postponed to the approval of crypto -operation.
According to the new bill, Ukraine will give up tax benefits on bitcoin operation. The document is expected to be approved in the first half of 2025.
The task of developing cryptocurrency regulation is included in the National Income Strategy of Ukraine for 2024-2030 and a list of reforms for € 50 billion.
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