Ukrainian Lawmakers Mull Two Crypto Tax Bills

Ukrainian Lawmakers Mull Two Crypto Tax Bills

Lawmakers in Ukraine are discussing two bills that would regulate taxation of cryptocurrencies in the country.

The proposed legislative initiatives, the draft Law on the Circulation of Cryptocurrency and the draft Law on Amendments to the Tax Code, would require crypto holders to declare their cryptocurrency holdings and pay taxes on any profits earned through cryptocurrency transactions.

Under the proposed taxation system, individuals would pay a 5 percent tax on income from selling, exchanging, or exchanging cryptocurrency for fiat currency. Taxpayers could also be eligible for deductions for holding cryptocurrency past certain holding periods.

Crypto companies would be required to pay a 15 percent corporate tax on income from trading, selling, or exchanging cryptocurrencies, as well as 22 percent corporate tax on exchange service income.

The proposals have been introduced by deputies from the following parliamentary factions: Civil Position, People’s Front, and For Life, as reported by crypto media outlet ForkLog.

A public discussion of the proposed bills is now underway, and if the bills receive support from Ukrainian lawmakers, they will then be sent to the country’s president for approval.