Ukraine Lawmakers Propose Tax Breaks On Cryptocurrency Investments Strategy

A recent draft bill introducing tax breaks for businesspersons and corporations dealing with cryptocurrency investments strategy has been filed in Ukraine’s parliament, the Verkhovna Rada. The writers of the bill have called for tax exceptions for individuals working in the sector by the end of 2029.

The bill was recorded at the end of September 2018, and it drew an altered definition for many definitions terms in the industry, such as classifications for cryptocurrencies, the blockchain, mining, and tokens. In regards to this request, the exemptions for taxes will contain any income that persons and groups achieve from deals including cryptocurrency.
MP Yuriy Derevyanko is part of the anti-corruption Movement of New Forces. The main bill for cryptocurrency taxes just offered a tax exemption till 2024. Despite of a 0 percent tax on cryptocurrency-related interactions, it gave a 5 percent discount for entities, and an 18 percent discount for profits relating to businesses.

However, Ukrainian lawmaker Yuri Derevyanko is, particularly against the new cryptocurrency investments strategy bill. As per him, 0 percent tax rate would inspire the development of the cryptocurrency market in Ukraine and open the door for new investments. As per him, this will make conditions for the cryptocurrency industry to become a dangerous component of the country’s economy, as stated in Bitcoin News.

Three drafts have already been introduced in the Rada since last October, as well as one altering the country’s tax code to include crypto taxation. As per Devcoins, however, no important progress towards their adoption has been reported so far, in spite of their passing through numerous relevant parliamentary committees. A significant feature of the new law is the purpose to dismiss the state from any duties related to the misunderstanding of crypto-to-crypto trading.

Ukraine has been spoken about their wish to create a national digital currency, but in association to the local fiat currency already in place. New Ukrainian bill is proposing tax exemptions on cryptocurrency investments strategy, however, in June, the Ukrainian police found six false cryptocurrency exchanges, for which they arrested four men. However, the users on these exchanges were enquired as well at a later time.

The post Ukraine Lawmakers Propose Tax Breaks On Cryptocurrency Investments Strategy appeared first on OWLT Market.

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