#btc #CryptoPolitics #eth #xrp
Bill No. 10225 proposes a new approach to the taxation of cryptocurrency transactions. According to it, the tax will be paid only on the net profit that remains after deducting the costs of purchasing cryptocurrency, its extraction (mining) or taxes paid when receiving a crypto-asset as an inheritance or as a gift.
What expenses are taken into account:
1. Expenses for buying cryptocurrency: the amount that a person spent to buy a crypto asset.
2. Mining costs: the cost of mining, if it is documented.
3. Taxes and duties paid: in case the cryptocurrency is received as an inheritance or under a gift agreement.
How it works in practice:
For example, if a person bought a cryptocurrency for $500 and sold it for $600, only the difference of $100 would be taxed. It will be subject to 18% income tax and 1.5% military levy, for a total of $23.
Main advantages:
Fair taxation: Tax is levied only on the actual profit and not on the entire sale amount.
Transparency: clearly defined expenses that reduce taxable income reduce the financial burden for investors.
Thus, draft law No. 10225 helps to create favorable conditions for crypto-investors in Ukraine, allowing them to pay tax only on net income and reduce their expenses in a legal way.
