• 24/07/2024 17:07

There will be no preferential taxation for transactions with cryptocurrency – Getmantsev

Chairman of the Parliamentary Committee on Finance, Tax and Customs Policy Daniil Getmantsev said that the Verkhovna Rada will not consider the proposal to introduce preferential taxation of personal income from transactions with cryptocurrency, supported by the Ministry of Digital Development.

There will be no preferential taxation for transactions with cryptocurrency — Getmantsev< /p>

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According to him, the National Commission on Securities and Stock Market (NCSM) was unable to develop a high-quality bill, so discussions in the Committee continue around an alternative document introduced by a deputy from the Servant of the People faction, Alexander Sova.

Getmantsev noted, that two key issues remain unresolved: the cryptocurrency market regulator and taxation.

“If we talk about taxation, then I am a consistent supporter of the taxation of virtual assets in complete analogy with the taxation of profits from securities. This is also the position of the IMF, and I think we will not deviate from it. That is, we are taxed at the general rate, but we tax investment profit,” Getmantsev said.

He recalled that formally now the tax on income from the sale of cryptocurrency must be paid on the entire amount received.

“As for the body that should be responsible for regulating this industry, there is no doubt that the National Securities Commission is essentially closer to this. But the only caveat is that the institutional capacity of this body remains frankly low… On the other hand, the Ministry of Digital Development, which is proposed as a regulator, is more effective, but by its nature is less responsive to the regulation of the crypto market,” added Getmantsev.

Remember

In November 2023, the Verkhovna Rada registered an alternative draft law No. 10225-1 “On amendments to the Tax Code and other legislative acts to regulate the turnover of virtual assets in Ukraine,” which was supported by the Ministry of Digital Development.

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Taxation rules stipulating the document:

    5% on personal income for the first three years, at a rate of 9% for the next five years, after 8 years a general tax rate of 18% is applied ;

    transactions with virtual assets for legal entities are exempt from VAT, except for service tokens that will be used to tokenize goods and services;

    18% on profits for providers;

    from “Diya.City” you can choose between 18% tax on profits or 9% tax on withdrawn capital;

    operations of service providers related to virtual assets are exempt from VAT (with the exception of consulting services).

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