Brad Chillum
On 30th October, Chairperson Nina Yuzhanina, Ukrainian Parliament’s Committee on Tax and Customs Policy, has submitted a bill to change Ukraine’s tax codes covering the cryptocurrencies and their derivatives. Thus, cryptocurrency transactions are likely to be exempted from taxes.
Under the bill, all digital currency income and profits will be exempted from taxation, including those from buying, selling, transacting and mining operations. The tax exemption bill is referred to as Bill No. 7246. This is the third proposed legislation filed in the Ukrainian parliament aimed at regulating the use of digital currencies in the country.
Based on the note attached to the bill, the tax exemption on cryptocurrency is aimed at creating an effective mechanism to stimulate the market of digital currencies in the country: “In order to create an effective mechanism for stimulating the market of cryptocurrency in Ukraine, the logical step is the exemption from taxation of profits of enterprises…Income from cryptocurrency operations should not be included in the calculation of the total monthly taxable income, and transactions with cryptocurrency and mining crypto goods are classified as transactions that are not subject to taxation.”
As a final note, the interest in exempting cryptocurrency transactions from income taxes isn’t a surprise, considering the fact that some Ukrainian legislators have actually admitted being major bitcoin holders. But all in all it is a good thing, since this offers more freedom to the cryptocurrency holders.
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