Ukrainian Lawmakers Mull Two Crypto Tax Bills


Ukrainian Lawmakers Mull Two Crypto Tax Bills

Ukrainian lawmakers are considering two separate draft laws proposing taxes on cryptocurrencies. The goal of the proposed legislation is to outline taxation of local cryptocurrencies exchanges and miners, as reported by the local news outlets November 17 and 18.

The first draft law, “On Introduction of Amendments to the Tax Code of Ukraine on Approval of Tax Mechanism Regarding Operations with Virtual Currency”, was submitted to the Verkhovna Rada, Ukraine’s Parliament, on November 15, by the representatives of the Samopomich Party — Valeriy Pysarenko, Yuri Byzovsky and Uliana Pavlenko.

The draft proposes to implement a number of changes to the Tax Code of Ukraine in relation to taxation of operations with cryptocurrencies. According to it, miners would be required to pay a 5% taxation of their income from digital currency operations. In case of an income of over $3,000, the taxation rate should be 18% of the overall amount.

The second draft law was submitted by Yegor Sobolev, the representative of the Movement of New Forces party. His draft proposes the taxation of cryptocurrency exchanges, which would become officially recognized as business activities, and to include 10% of income from cryptocurrency trading operations as one of the sources of the State Budget of Ukraine.