New Ukranian bill would place 5% tax on all crypto profits

09 Aug, 2018
by David Borman
New Ukranian bill would place 5% tax on all crypto profits

A new bill is being proposed in Ukraine which would see a 5% tax levied on all transactions of crypto-to-fiat or crypto for goods and services, is reporting today. It seems crypto-to-crypto transactions will not be included with the tax.

Cryptocurrency is currently not regulated in Ukraine. This bill, if passed, would offer some regulatory framework for taxing profits from crypto. The move is led by Ukrainian lawmaker Oleksiy Mushak as well as representatives from within the crypto world.

The proposed bill seeks to levy a 5% tax rate against the actual profits, so the buying price versus selling. For mining, it would be the total crypto earned minus the cost of mining. The tax is to be collected when the crypto is either traded into fiat or used to purchase goods and services.

This tax would also come on top of a currently imposed 1.5% "millitary charge" which has been in place since 2014 to reform the Ukranian millitary, which is currently locked in struggle with pro-Russian forces inside the nation.

Kiev is notoriously slow to act, but the authors are hoping to have the bill passed and enforced by 2019, and want it to stay in place until 2025.

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