A new bill, Bill 9083-1 (Bill 9083-1), introduced by Ukrainian MP Yuri Derevyanko on September 27, calls for tax exemptions for entities working in the industry until the end of 2029. Currently, Bill No. 9083-1 has been passed by some important committees, including Budget Committee, Economic Policy Committee, Taxation and Customs Policy Committee and European Integration Committee.
If passed, the bill would lead to revisions to Ukraines tax code. Both business entities and individuals dealing in cryptocurrencies will benefit from this tax break until December 31, 2029. Moreover, mining equipment is also exempt from VAT on import and sale.
In addition, the bill also introduces some new legal terms related to virtual assets and blockchain technology. Cryptocurrency is defined as an intangible digital asset whose ownership is recorded in a distributed ledger. The draft law describes mining as the processing of data associated with maintaining a distributed ledger, which is then rewarded with digital assets.
According to Derevyanko,
The 0% tax rate will stimulate the development of the Ukrainian cryptocurrency market and open the door for new investments. We must legitimize the crypto industry, which will be the engine of the new economy.
However, at present, many bills have not made substantial progress.
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The difference between the two Ukrainian bills on crypto. Source: Cointelegraph
Despite several legislative proposals and calls from government officials and representatives of the industry, Ukraine’s cryptocurrency market remains largely unregulated. Three bills addressing key regulatory challenges have been introduced in Congress since October, but so far there has been no real progress toward approval of those bills. In August 2018, Verkhovna Rada stated that legislation recognizing cryptocurrencies as financial assets will be passed by 2019 at the latest. In the absence of clear guidelines on taxation, a deputy finance minister recently suggested that Ukrainians pay a 19.5% income tax on profits made from crypto trading.
In July, Ukraine’s Financial Stability Council approved a new regulatory concept for the cryptocurrency industry. The agencies that developed these regulatory concepts areNational Securities and Stock Market CommissionRelated Reading
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This article is mainly compiled from:Bitcoin.com , with deletions.
