In the absence of dedicated regulation, Ukrainians are expected to pay the regular 19.5% income tax rate on their profits from crypto-related activities like trading and mining, a high-ranking official from the Finance Ministry in Kiev explained. Crypto investors are free to report their digital funds as either property or financial assets.
Cryptos? Tax Them Like Tanks
The question, what do crypto investors owe the state, is a hot topic in many communities around the world. Authorities in most countries rush to tap into their incomes and profits, often before theyve regulated the space and legalized digital assets, and sometimes even when they refuse or fail to recognize cryptocurrencies in any of their roles. Ukraine is no exception.
However, according to Ukraines deputy-finance minister Sergey Verlanov, the issue with cryptocurrencies is clearly exaggerated as far as taxation is concerned. Everything is much simpler than it seems at first glance, he claimed in an interview with Ekonomicheskaya Pravda.
Two types of operations are possible with cryptocurrency mining and trading. So, lets say we bought bitcoin for 1,000 hryvnias; then we were lucky and it went up to 2,000 hryvnias; then we left bitcoin and credited the funds to a bank card. The change is 1,000 hryvnias. We impose income tax on it, he elaborated, adding: The rate is 19.5% whether this is a lot or a little, is a rhetorical question.
See more - https://news.bitcoin.com/ukrainians-advised-to-pay-19-5-tax-on-crypto-incomes/