Crypto News: Ukraine Drafts Law to Exempt Crypto Income and Profits from Taxation

The head of the Committee on Tax and Customs Policy of the parliament of Ukraine, Nina Yuzhanina, submitted a bill to the parliament to amend the country’s tax codes with regards to cryptocurrencies and their derivatives. This bill is referred to as Bill No. 7246 and was submitted on October 30.

The bill seeks to amend the tax code of Ukraine to exempt the profits from the purchase and sale of cryptocurrencies and their derivatives as well as revenues from cryptocurrency operations and from mining. According to the note accompanying the bill submitted to the parliament:

"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 (annually) taxable income, and transactions with cryptocurrency and mining crypto goods are classified as transactions that are not subject to taxation."

Ukraine Drafts Law to Exempt Cryptocurrency Income and Profits from TaxationThis new bill is the third submitted to the parliament for the legal framework of cryptocurrencies. The first was submitted in the first week of October. It proposes considering cryptocurrency a property that can be exchanged for other goods and services.

Full story at http://bit.ly/2h0O14e

Source: Bitcoin News

 

 

 

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