Ukrainian lawmakers are reportedly considering two separate bills that would introduce taxation measures for crypto assets. The first bill, reviewed by the Verkhovna Rada, the Ukrainian parliament, would tax crypto transactions more closely by introducing a enumeration of activities that would qualify as taxable events. These include the exchange of virtual assets for other crypto, or fiat currency, the appraisal of digital currencies and asset management.
The second proposed bill stipulates that crypto income, in whatever form, should be subject to taxation if it exceeds an annual limit. If the bill passes, virtual currency trades will be taxable once they exceed the equivalent of UAH 1 million (around US$38,490) in a single year.
The proposed legislation also stipulates capital gains taxation on crypto activity, from mined coins expropriation, to rewards from loyalty programs, gifts and regular transactions. Companies involved in any of these activities should declare their income and subject themselves to taxation.
According to local news outlet UNIAN, the committees agreed to review the two bills at the beginning of a parliamentary session later this month. If approved by the Verkhovna Rada, Ukraine could join the United States, Japan, Germany, the United Kingdom and other regulators across the globe in introducing crypto-related taxes.
