{"id":19473,"date":"2024-12-12T13:40:13","date_gmt":"2024-12-12T11:40:13","guid":{"rendered":"https:\/\/forklog.com\/en\/ukraine-to-end-tax-breaks-on-bitcoin-transactions\/"},"modified":"2024-12-12T13:40:13","modified_gmt":"2024-12-12T11:40:13","slug":"ukraine-to-end-tax-breaks-on-bitcoin-transactions","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ukraine-to-end-tax-breaks-on-bitcoin-transactions\/","title":{"rendered":"Ukraine to End Tax Breaks on Bitcoin Transactions"},"content":{"rendered":"

An updated bill on the regulation and taxation of virtual assets is set to be ready for consideration in the first quarter of 2025, according to a statement by the head of the tax committee of the Verkhovna Rada, Daniil Hetmantsev, as reported by Ekonomichna Pravda<\/a>.<\/p>\n

According to the deputy, the working group is finalizing the text of the document.<\/p>\n

\n

\u201cI believe that the text, together with the National Bank and the IMF<\/span>, will be ready after the New Year, and in the first quarter we will adopt this bill and legalize cryptocurrency,\u201d Hetmantsev stated.<\/p>\n<\/blockquote>\n

Lawmakers have decided against preferential taxation for cryptocurrency operations. They propose taxing the conversion of assets into fiat as profit, similar to securities.<\/p>\n

\n

\u201cIn consultations with European experts and the IMF, we are very cautious about using cryptocurrencies for tax breaks, as it could be a means of tax evasion in traditional markets,\u201d Hetmantsev explained.<\/p>\n<\/blockquote>\n

Previously, the official had already stated that preferential taxation of crypto operations in Ukraine would not be adopted<\/a>.<\/p>\n

Until specific regulations are established, tax is levied on the entire amount of sold cryptocurrency under the general taxation principle.<\/p>\n

The enactment of the law \u201cOn Virtual Assets,\u201d approved in 2021, has been postponed until the adoption of cryptocurrency taxation.<\/p>\n

In November 2023, relevant amendments from the NSSMC<\/span> were registered in the Verkhovna Rada. They proposed a rate of 18%, which faced public criticism.<\/p>\n

An alternative document by the Ministry of Digital Transformation suggested a preferential tax with a phased increase from 5% to 18%.<\/p>\n

Ultimately, the bill authored by Oleksandr Sova, a deputy from the Servant of the People party, was adopted as the basis.<\/p>\n

The task of developing new cryptocurrency regulations is part of Ukraine’s National Revenue Strategy for 2024-2030 and included in the \u20ac50 billion reform plan<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

An updated bill on the regulation and taxation of virtual assets is set to be ready for consideration in the first quarter of 2025, according to a statement by the head of the tax committee of the Verkhovna Rada, Daniil Hetmantsev, as reported by Ekonomichna Pravda. According to the deputy, the working group is finalizing […]<\/p>\n","protected":false},"author":1,"featured_media":19472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,558,16],"class_list":["post-19473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-taxes","tag-ukraine"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/19473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=19473"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/19473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/19472"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=19473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=19473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=19473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}