Bill: in Ukraine will not pay taxes associated with cryptocurrencies until 2030

Bill: in Ukraine will not pay taxes associated with cryptocurrencies until 2030

In Ukraine a new bill according to which, the country will not levy taxes on income from activities associated with cryptocurrencies until 2030.

Deputy Yury Derevyanko, a member of the anti-corruption Movement, founded in 2017 by former Georgian President Mikhail Saakashvili, has presented its version of the bill in the conciliatory Commission of the Verkhovna Rada of Ukraine.

Commenting on his bill Derevyanko stated that:

The bill provides tax incentives for all participants of the cryptocurrency market until 31 December 2029.

I think we need a moratorium on taxation [cryptocurrency region] for the next 10 years. We need to regulate and legalize this segment, which will be the engine of the new economy”.

An alternative bill, registered on September 27, has different definitions for cryptocurrencies, blockchain, hashing and tokens. According to the document, the tax holiday will apply to all income from transactions with cryptocurrencies as for individuals and legal entities.

Document Derevyanko unlike the bill that was put forward by several deputies of the presidential party Petro Poroshenko in early September, offers to create much more comfortable conditions for the development of the cryptocurrency industry in the country.

In the first draft proposed to introduce a five percent tax for individuals and legal entities operating with digital currencies and tokens. Starting from 1 January 2024 the tax on income from activities related to cryptocurrencies will increase to 18 percent. This, according to the authors of the bill may attract an additional budget of 1.27 billion ($43 million) on an annual basis.

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