Ukraine plans to impose a tax on the operations with cryptocurrency

beerlover

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Quote from: nur rochid on May 01, 2019, 01:56:08 AM

Quote from: Script on April 30, 2019, 04:04:17 PM

In order for Ukraine to impose a tax on cryptocurrency, they must first prepare for this an appropriate legislative base regarding cryptocurrency as a whole. Ukraine is now in complete chaos and decline of the economy as a whole. They would have to deal with current problems, and they are very far from cryptocurrency taxes.

many countries experiencing economic chaos switch to using cryptocurrency. many have analyzed crypto as a solution for economic recovery. of course if it is legalized the government will make a tax law

The government may not really want to be directly involved because they feel like they will not be able to monitor the income of such company is making for them to be able to calculate proper tax, so the tactics I think they will use is to impose a very bug tax on them that will enforce them in tendering their company income for proper taxing, so they are still indirectly having control of their system without legalizing it.

Government are just too consumed with power and control that they fail to see the benefit cryptocurrency will bring directly to them if they accept it, that is why I like what some smaller countries are already doing, by embracing crypto which may make their economy boom.

n0ne

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As most users mentioned it is really a difficult task to do, when people stay anonymous it is impossible to tax them on the transactions. Earlier Israel have taxed cryptocurrency based on the transaction and has added it to the commodities list along with gold and other tradeable metals. Here I'm not sure how this gonna function precisely and later no news came from Israel upon its collection process of tax on cryptocurrencies.

BlueStackz

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Quote from: nikogluttonym on April 30, 2019, 10:42:48 AM

It will be difficult to do - good luck to the officials. They are waiting for a huge failure at the end. Crypto is decentralized and no one wants to pay taxes.

That is why they are also trying to be smart in playing on the intelligence of the companies involved in cryptocurrency by placing a fix tax on them, so I guess that they will not be taxed based on the knowledge of the financial report they have about the company, since blockchain technology has already blocked that from happening, the best way to still extort money from them in form of tax would be to place and enforce a fix amount of tax on them.

For them to know the companies using Blockchain technology in running their business, first thing they would do is to encourage them by allowing those companies to be legalized for crypto, and it is from this list they will enforce whatever they want to enforce.

Xising

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Quote from: kryptqnick on September 28, 2018, 10:19:23 AM

This information about Ukraine is quite accurate, but this is just a project law among other project laws. Unfortunately, some of them were already rejected by the Parliament, so the others appear and try to look at cryptos from a different perspective. I hope this project law will not pass, because I think that cryptos shpuld be treated like money and taxing money is wrong. 5% tax is not to bad, though, but the full 19.5% is unfair, because at first one will have to pay taxes for holding cryptos, and then pay them again when buying goods (since taxes are already a part of the price).

Well, for me, even if it would impose additional burdens on cryptocurrency users and investors, I somehow agree with imposing taxes on it because that would mean that the government of such country is fully supporting and backing the use and investments on cryptocurrency, which in turn, sees it as something legal and within the language of good business practices. Also, as a government would impose taxes on something, that would also mean that such government is affording such line of business or investment the ample protection it needs against shady characters that would tend to capitalize on it by doing illegal deeds. At least, those people who are delving into the cryptocurrency market in Ukraine would have the comfort of thinking that they are protected since they are paying taxes for their transactions.

millgates

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Quote from: XMLGold.eu on September 28, 2018, 08:02:22 AM

Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/

Actually that is good, atleast ukrania don't ban cryptocurrency. This is a recognition to cryptocurrency existance as asset and currency. Now the world agree that cryptocurrency is money. I hope the taxation rate is reasonable. Now the market is getting better but if the taxation rate is high then it can be bad for ukranian cryptocurrency holders.

Artemis3

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Quote from: XMLGold.eu on September 28, 2018, 08:02:22 AM

Ukraine plans to impose a tax on the operations with cryptocurrencies

Well, good luck enforcing that... I think that's a stupid idea, too easy to circumvent. But i'm not surprised yet another country wants to do this. Politicians just don't know what to do with crypto, they can't figure it out because they haven't used it.

You could, maybe tax sales and property, but taxing bitcoin is akin to taxing some game money, ie WoW gold or such. And they just can't possibly track every single wallet out there, much less every single altcoin wallet out there.

Its just too easy for people to keep "hidden" wallets, should they be forced to "declare" a wallet for taxation. Politicians need to get a clue on what they are dealing with here. Taxing the virtual money itself isn't going to work to Ukraine or anybody else. My country for example pretends everyone should use a State owned exchange (so the fee includes the tax, and their arbitrary exchange rate)... Yeah, right.

coinplus

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It makes sense since it would help them get some more money and the tax is really just a welcoming to everyone involved in crypto at Ukraine, after all it is much better than banning bitcoin or even better than not saying anything about it. My country has no tax on bitcoin moves but it doesn't have banning too, it has no laws regarding bitcoin at all so we are here doing some bitcoin related stuff for years and we don't know if we are doing something illegal or legal.

Maybe the government will say that all bitcoin moves must be taxed and will back tax all of us and we will all be bankrupted in a day? Who knows. That is why Ukraine actually putting tax is a good step forward since it does allow people do whatever they want fully knowing what government thinks about it.

Vishnu.Reang

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Quote from: Yakamoto on April 30, 2019, 03:11:11 PM

Quote from: Vishnu.Reang on April 30, 2019, 11:16:06 AM

I don't know how they are going to implement this proposal. I understand that the current Ukrainian regime is desperate for money. They lost the coal fields of Donbass to Russia and the gas transit revenue is dropping. The national currency has lost 70% of its value during the last 5 years. They are in difficult times.. but then taxing crypto operations is not the solution. It will just result in more revenue loss and may also force some of the crypto businesses to shift to other countries.

Ukraine is really struggling between their economic shortcomings and their political turmoil with Novorussia being a continuous thorn in their side. At this point, all they can do is hope that more taxes are enough to add money to the failing government's treasury because there will almost certainly be not enough revenue otherwise. Despite all the military assistance being poured into Ukraine, there seems to be little done by the coalition forces to help their economic situation.

Taxes on crypto likely won't be the solution to this issue. The revenue from it would be far too small to supplement the Ukrainian economy and if anything it might hard remittance payments coming back into the country. I don't know why they think it's a good idea because it will do nothing to help them. It'll just harm their country more.

If the NATO is serious in helping Ukraine, then they should offer work visas to the residents there. Despite being a rival nation, Russia is home to more than 3 million migrant workers from Ukraine. What prevents the EU from giving preference to the Ukrainians over all those unwashed hordes from Syria, Nigeria and other Sub-Saharan African nations?

kaya11

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I think it is a good opportunity for the name of Bitcoin to go in public. When someone new are on news people to know about it and that is why sometimes it could give a positive image to crypto and therefore study and learn about it.

nur rochid

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Quote from: Script on April 30, 2019, 04:04:17 PM

In order for Ukraine to impose a tax on cryptocurrency, they must first prepare for this an appropriate legislative base regarding cryptocurrency as a whole. Ukraine is now in complete chaos and decline of the economy as a whole. They would have to deal with current problems, and they are very far from cryptocurrency taxes.

many countries experiencing economic chaos switch to using cryptocurrency. many have analyzed crypto as a solution for economic recovery. of course if it is legalized the government will make a tax law

Script

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In order for Ukraine to impose a tax on cryptocurrency, they must first prepare for this an appropriate legislative base regarding cryptocurrency as a whole. Ukraine is now in complete chaos and decline of the economy as a whole. They would have to deal with current problems, and they are very far from cryptocurrency taxes.

Yakamoto

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Quote from: Vishnu.Reang on April 30, 2019, 11:16:06 AM

I don't know how they are going to implement this proposal. I understand that the current Ukrainian regime is desperate for money. They lost the coal fields of Donbass to Russia and the gas transit revenue is dropping. The national currency has lost 70% of its value during the last 5 years. They are in difficult times.. but then taxing crypto operations is not the solution. It will just result in more revenue loss and may also force some of the crypto businesses to shift to other countries.

Ukraine is really struggling between their economic shortcomings and their political turmoil with Novorussia being a continuous thorn in their side. At this point, all they can do is hope that more taxes are enough to add money to the failing government's treasury because there will almost certainly be not enough revenue otherwise. Despite all the military assistance being poured into Ukraine, there seems to be little done by the coalition forces to help their economic situation.

Taxes on crypto likely won't be the solution to this issue. The revenue from it would be far too small to supplement the Ukrainian economy and if anything it might hard remittance payments coming back into the country. I don't know why they think it's a good idea because it will do nothing to help them. It'll just harm their country more.

Adriano2010

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Well if the countries will put tax on bitcoin and crypto this is it, but i wish to not tax bitcoin only when buy or sell and they only put tax if people get a profit over one year because if people are in a loss and pay fee even on loss is not good at all.

Vishnu.Reang

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I don't know how they are going to implement this proposal. I understand that the current Ukrainian regime is desperate for money. They lost the coal fields of Donbass to Russia and the gas transit revenue is dropping. The national currency has lost 70% of its value during the last 5 years. They are in difficult times.. but then taxing crypto operations is not the solution. It will just result in more revenue loss and may also force some of the crypto businesses to shift to other countries.

nikogluttonym

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It will be difficult to do - good luck to the officials. They are waiting for a huge failure at the end. Crypto is decentralized and no one wants to pay taxes.

alyssa85

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Quote from: Irvinn on April 30, 2019, 01:55:58 AM

In the Ukrainian parliament, referred to as the Verkhovna Rada, four different bills seem to have been introduced, which both provide for exempt taxation and exempt it. Of course, in a hybrid war with Russia, it will be necessary to replenish the treasury to counter the aggression and most likely, the tax will be introduced. However, all states go this way. Even Japan first introduced very large taxes on cryptocurrency revenues, so there was even a question of lowering them. Only a few states, such as Belarus, do not yet provide such taxes.

Are these new bills, or existing bills?

Ukraine recently changed it's President on 23rd April 2019. And the Ukrainian Parliament doesn't have it's elections till October so it's not clear whether any of these crypto-tax bills will go through, or what the new President's policy will be.

Irvinn

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In the Ukrainian parliament, referred to as the Verkhovna Rada, four different bills seem to have been introduced, which both provide for exempt taxation and exempt it. Of course, in a hybrid war with Russia, it will be necessary to replenish the treasury to counter the aggression and most likely, the tax will be introduced. However, all states go this way. Even Japan first introduced very large taxes on cryptocurrency revenues, so there was even a question of lowering them. Only a few states, such as Belarus, do not yet provide such taxes.

tinker123

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Taxes are certainly bad (for people), but at least this is a step in the recognition of cryptocurrency in the country. Let's see whether this law will be accepted. Cool

DisturbedRTX

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Quote from: pixie85 on September 28, 2018, 03:17:55 PM

Taxes in Europe are high if you compare them to the rest of the world. In the EU the tax gets progressively higher the more you earn and can reach almost 50% in some countries like France, which means that you're sharing with the state 50:50.
Ukraine is in trouble because people are moving to work in the EU and they had to invest a lot to sustain the army during the latest Crimea conflict. They have to get the money from somewhere.

do not make me laugh. The government had all the money, because they steal it. Corruption and so on. Cryptocurrency tax is another chance to earn money for yourself. It is quite obvious.

usorin

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Quote from: XMLGold.eu on September 28, 2018, 08:02:22 AM

Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/

Who thought that Ucrain will become one of the first adopters of cryptocurrency. There are good signs everywhere. I cant wayt to see the faces of all those pessimists when the price of Bitcoin will grow again.

Ranly123

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Quote from: Crypdon on January 16, 2019, 02:43:09 AM

Taxes will legitamise crypto currencies so it's not a bad thing. Also, it is not difficult to circumvent as there are many privacy coins like monero which can be traded in an untracable manner

No, legitimacy of cryptocurrency does not depend on whether they are taxed or not. Taxation on cryptocurrency will only add conflict to the authority and their citizens which could lead to some underground transactions.

wuvdoll

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I thought they were not getting any taxes until 2030, what happened to the law that said all crypto income will be tax free until 2030 in Ukraine ? Did they realized they are missing too much money from the no tax rule and decided that they would rather get taxes instead ?

I have been to Ukraine once and it is an amazing country, leaving the Russia war aside they have been an amazing European country for years now, thankfully I went to more west side (lviv, lbib ? not sure how it is written) and there was barely any effects of war and it was an amazing place and made me instantly feel like I would love to live there. If ukraine keeps the 2030 rule instead of start taxing I am sure many crypto people like me will want to keep going there constantly instead of trying to stay away from there.

qwerty6274

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This is fundamentally wrong. if the state doesn't own a currency, why take something for it. If it continues, there will be nothing free and anonymous in the world. And maybe even now there is no such thing...

Crypdon

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Taxes will legitamise crypto currencies so it's not a bad thing. Also, it is not difficult to circumvent as there are many privacy coins like monero which can be traded in an untracable manner

Tylev

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Quote from: spongegar on November 12, 2018, 11:56:41 PM

Well, i think that it is a good thing that Ukraine actually imposed taxes on crypto currency. For one thing it is not a ban but an acceptance to Crypto currency. This also means that holders are now subject to the government's protection and any fraud would be dealt with the full force of the law. I juat hope it is how i said it is.

Nobody plans anything in Ukraine yet. Several legislative bills regulating cryptocurrency have been submitted to its legislative body, the Verkhovna Rada, and most of them do not provide for the introduction of any tax on cryptocurrency. More precisely, it is expressly stated that any actions with cryptocurrency are not subject to taxation. Of course, in the conditions of conducting a hybrid war with Russia and lack of funds, it is unlikely that the cryptocurrency will not be subject to taxation in Ukraine. So far, none of the proposed bills have been considered even in the first reading.

bittraffic

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Quote from: horrifiedx1 on November 14, 2018, 11:27:58 PM

Quote from: buharikx31 on November 14, 2018, 04:04:06 PM

Quote from: XMLGold.eu on September 28, 2018, 08:02:22 AM

Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/

The goverment are really corrupted. They always wanted to tax everything any physical opportunity. I dont get surprised when I firstly saw that in our country some of the news alredy said that, but how they gonna regulate taxing for this type of operations if they dont have enough information and legal explanation what is cryptocurrency people would definetely cointinue trade without pay taxes

I think if tax use is in accordance with its direction, this would be good for the country's economic development. on the other hand we can see the development of cryptocurrency is getting faster

That is true. The adoption of crypto will be faster when government are imposing tax on it, its just one way to tell the world crypto is legal.

Corrupt or not, you as a citizen of the country has the obligation to provide for the country. I live in a country that has one of the most corrupt in the world but that isn't an excuse otherwise me and the government will have no difference.

horrifiedx1

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Quote from: buharikx31 on November 14, 2018, 04:04:06 PM

Quote from: XMLGold.eu on September 28, 2018, 08:02:22 AM

Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/

The goverment are really corrupted. They always wanted to tax everything any physical opportunity. I dont get surprised when I firstly saw that in our country some of the news alredy said that, but how they gonna regulate taxing for this type of operations if they dont have enough information and legal explanation what is cryptocurrency people would definetely cointinue trade without pay taxes

I think if tax use is in accordance with its direction, this would be good for the country's economic development. on the other hand we can see the development of cryptocurrency is getting faster

bravehearth0319

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Taxation of cryptocurrency of European countries such as Ukraine, though not yet been passed, is somehow against the core principle of cryptocurrency blockchain which are decentralized and unregulated. Taxing cryptocurrency would need to record the details of the transactions and/or records of the cryptocurrency holders. These is just one point about taxing cryptocurrency. Considering that the government also needs to gain income from cryptocurrency.

M4NDELL

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The issue of taxation of cryptocurrency operations has long been discussed in the Ukrainian parliament. There are several bills, some of which offer to impose taxes on cryptocurrency, while others, on the contrary, exempt not only cryptocurrency operations but also mining for a long time from taxation. But so far everything is under discussion.

buharikx31

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Quote from: XMLGold.eu on September 28, 2018, 08:02:22 AM

Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/

The goverment are really corrupted. They always wanted to tax everything any physical opportunity. I dont get surprised when I firstly saw that in our country some of the news alredy said that, but how they gonna regulate taxing for this type of operations if they dont have enough information and legal explanation what is cryptocurrency people would definetely cointinue trade without pay taxes

timotron

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Every country is planning to impose a tax on cryptos in any way. So private coins and coin mixers soon are going to very useful!

I hope people from there don't get totally robbed! In Spain soon we will get decapitated if we say BTC...

reverseflash

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Quote from: spongegar on November 12, 2018, 11:56:41 PM

Well, i think that it is a good thing that Ukraine actually imposed taxes on crypto currency. For one thing it is not a ban but an acceptance to Crypto currency. This also means that holders are now subject to the government's protection and any fraud would be dealt with the full force of the law. I juat hope it is how i said it is.

Unfortunately, in the realities of legal norms in Ukraine, such a law means only additional exactions towards the state. Laws in this country in most cases are written only to improve the conditions for the elite class of the population.

Ozero

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Quote from: spongegar on November 12, 2018, 11:56:41 PM

Well, i think that it is a good thing that Ukraine actually imposed taxes on crypto currency. For one thing it is not a ban but an acceptance to Crypto currency. This also means that holders are now subject to the government's protection and any fraud would be dealt with the full force of the law. I juat hope it is how i said it is.

In Ukraine, there is still no tax on cryptocurrency. So far, none of the proposed and, in principle, good bills has been considered by the legislative body of Ukraine. Until today, cryptocurrency in Ukraine is not regulated. Before the adoption of relevant laws by the Verkhovna Rada of Ukraine, the government, by its decision, wants to impose a rather large 19.5 percent tax on profits from the sale of cryptocurrency. However, in general, there are no obstacles to the legalization of cryptocurrencies by the state in Ukraine.

cetald

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Quote from: XMLGold.eu on September 28, 2018, 08:02:22 AM

Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/

Ukrainian politicians are very talkative. ))) They talk a lot, but do little. But if we are talking about filling the treasury, then it is quite possible that a tax on cryptocurrency will be introduced. Especially the election on the nose.

ClockworkTrader

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I wonder how are they going to impose taxation in an anonymous decentralized environment. The only way that seems possible to me is to tax while people exchange Crypto for fiat in different converting websites - but it raises a lot of questions. Say, what if a person refuses to change Crypto for fiat? Will he avoid the tax?
It is either I`m missing something, or Ukraine wants to impose a law without a real way of its implementation.

dmamigo

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Quote from: spongegar on November 12, 2018, 11:56:41 PM

Well, i think that it is a good thing that Ukraine actually imposed taxes on crypto currency. For one thing it is not a ban but an acceptance to Crypto currency. This also means that holders are now subject to the government's protection and any fraud would be dealt with the full force of the law. I juat hope it is how i said it is.

Imposing tax or regulating is much better than restricting and then planning to completely ban crypto trading as well in a country which our country is planning to do as recently being heard. This will increase people to use it if the tax is lower, now if the restriction on tnx and tax is way too higher, then it's similar to banning it.

spongegar

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Well, i think that it is a good thing that Ukraine actually imposed taxes on crypto currency. For one thing it is not a ban but an acceptance to Crypto currency. This also means that holders are now subject to the government's protection and any fraud would be dealt with the full force of the law. I juat hope it is how i said it is.

Irvinn

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Quote from: Osayo on September 28, 2018, 04:59:50 PM

Quote from: XMLGold.eu on September 28, 2018, 08:02:22 AM

Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/

I don't think this is totally wrong. It might be a blessing in disguise for cryptocurrencies as the government may legalize cryptocurrency since it now generates revenue for the government.

It should be noted that the introduction of a tax of 19.5 percent from the profits in cryptocurrency, it is just the government's desire to introduce it temporarily by its order, before the adoption of the relevant laws by the Verkhovna Rada of Ukraine as a legislative body. And in the Verkhovna Rada there are several quite good bills on cryptocurrency regulation. One of them provides for the absence of taxation on cryptocurrency, the other provides for a five percent tax and a third provides for the postponement of the introduction of any tax on cryptocurrency until 2029.

bittraffic

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They need to enforce it, if you are a citizen of a country there is no reason for you to pay tax after all its going to be for your country. I have no plans to evade tax if that can result for bitcoin to be used by individuals in the country. Bitcoin and cryptocurrencies are going to be used no matter how the government bann it so instead of trying to stop the evolution, adopting is the way to handle this.

GregH37

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Quote from: Uhde on September 30, 2018, 01:34:09 PM

it is so sad to hear that. but it is not a big deal. blockchain based cryptocurrencies are very good solutions against all centralized financial systems. and no any government or any authority can do a major affect against crypto market.

It's really not that bad, not a bad thing though. You may be surprised that in many countries where Bitcoin are being banned, a lot of investors are willingly to pay tax for the Bitcoin they have so far it is acceptable in their country. I believe this tax being placed on Bitcoin is the only way the Ukraine government can regulate it without banning it. We just hope the tax fee won't be too much for them.

Yeah, it is actually not a bad thing when considering that a lot of country has been trying to ban or attempt that for a long time now and I have always believed that in the long run, their hands will get tired and they will have no other option than to simply find a way to benefit from the space.

Hopefully like you said, they will be lenient with the tax and they won't try to bring up some huge fiat that would end up being an attempt to frustrate the users of bitcoin or cryptocurrency. At the end though, it will still be placed under capital gain tax anyway, so in a way, it is still worth it than seeing a government that is trying to run it down.

Kevin77

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Quote from: South Park on October 05, 2018, 05:32:49 PM

Quote from: NotoriousHodler on October 04, 2018, 02:48:05 PM

How do they do that though? If all operations are encrypted, how would they know how much BTC, ETH or whatever was transferred. And how would such tax count: at the time of transaction, or at the time of paying the tax? Because we all know how volatile crypto is, someday you'll sell BTC, for example, for 7k$, then, at the end of fiscal year it will cost 10k$. Whats then?

Just creating the laws to try to regulate something like bitcoin is proving to be an incredible complex problem, so the implementation of those laws is going to be even more difficult, the truth is that as far as we know governments have no way to link every single transaction and address with a name and if they cannot do that then their capabilities for taxing bitcoin users are going to be very limited.

Well, but at least, they are making some attempt to see how they can simply just keep going about the regulation than keeping quiet about it. Yes, this is certain we will get to see more of news like this in coming years and it won't be that easy to implement most of the time unless you have to convert to fiat which most of the regulations would have to be done on the local exchanges of each country and this is where you really do not want to get on the nerves of the government thinking you can evade and get away with it.

Obviously, P2P transactions cannot be easily taxed as it cannot even be traced to a particular person, but however it is, I believe the whole taxation thing is going to work for a system with a good framework and it is a lot better than fighting it anyway.

primer61

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Taxation is certainly better than banning Crypto in view of increasing adoption, but...
Is this the first case of Cryptocurrency taxation? I wonder how they`ll realize it in the decentralized anonymous transaction emvironment.
Seems like at the very least they should get rid of the second aspect, anonymity, and link each wallet to a real person - but how exactly they`ll do it?
Definitely I`d be on the lookout for this instance, very intrigued by this decision.

South Park

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Quote from: NotoriousHodler on October 04, 2018, 02:48:05 PM

How do they do that though? If all operations are encrypted, how would they know how much BTC, ETH or whatever was transferred. And how would such tax count: at the time of transaction, or at the time of paying the tax? Because we all know how volatile crypto is, someday you'll sell BTC, for example, for 7k$, then, at the end of fiscal year it will cost 10k$. Whats then?

Just creating the laws to try to regulate something like bitcoin is proving to be an incredible complex problem, so the implementation of those laws is going to be even more difficult, the truth is that as far as we know governments have no way to link every single transaction and address with a name and if they cannot do that then their capabilities for taxing bitcoin users are going to be very limited.

Lorna111

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Quote from: Delvi on September 30, 2018, 01:04:30 PM

Quote from: South Park on September 30, 2018, 12:43:19 PM

Quote from: XMLGold.eu on September 28, 2018, 08:02:22 AM

Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/

They can pass whatever laws that they want the problem for them is how are they going to identify the people that are using cryptocurrencies and how are they going to force them to pay? That is the question that no one wants to ask because they know they have no answer, so let them have their day and pass whatever laws they want, it makes no difference.

The law is designed for gullible citizens. The main thing is to sow fear, and to prescribe responsibility for violation of the law. The owner of the magazine Forklog, checked the security service of Ukraine. Computers with bitcoins were seized from him. Therefore, after the round-up it will be possible to accuse the citizens of Ukraine of tax evasion. But this method of lawlessness.

This is either a good news or a bad news dependent on how the Bitcoin Holder would take the issue on taxes? If we follow the government financial institution basically these is the issue on Regulation which has been on the news for quite a while, if the regulation would concentrate on the issue of taxes by the government, it don't see that we can do about it.

tweetbit

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Quote from: gambitcoin53 on October 04, 2018, 09:52:45 PM

this is not good for the bitcoin community, imagine how much tax would slice up in our wallets, how would they tax anonymous users, who would they taxed?

I don’t agree that isn’t good for bitcoin users in general. Paying tax is our obligation as a citizen of our country and doing so even we are in the virtual world we still use the facilities or medium of our society. So we have to follow when taxation is implemented.

They can collect tax without our identity or privacy compromise by just taking it on wallets or for every transaction like value added tax.

gambitcoin53

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this is not good for the bitcoin community, imagine how much tax would slice up in our wallets, how would they tax anonymous users, who would they taxed? having an atm for bitcoin simply destroys the anonymity of users, in fact, who would want to have an atm knowing their identity would be compromised. i think this step of ukraine is bad for the crypto community as a whole.

andika2018

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I think not only ukraine. Most country in the world want to take benefits from cryptocurrency market. Crypto market growing bigger and money circulation growing, government sees this as an opportunity. But Government should be regulate cryptocurrency if they want impose taxes

NotoriousHodler

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How do they do that though? If all operations are encrypted, how would they know how much BTC, ETH or whatever was transferred. And how would such tax count: at the time of transaction, or at the time of paying the tax? Because we all know how volatile crypto is, someday you'll sell BTC, for example, for 7k$, then, at the end of fiscal year it will cost 10k$. Whats then?

GunsLair

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This is no news. I read about it already about six months ago. So far this law exists at the level of the idea. And no one knows if it will go into effect since officially actions with cryptocurrencies are prohibited here. But unofficially - I read about several property sale transactions have already been carried out.

BitHodler

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Quote from: ss890 on October 02, 2018, 04:31:09 AM

I believe that 19.5% is also pretty fair if you compare this with the Indian government who imposes around 30% taxes on the wealth which is above 20K USD per financial year.

I think you are mixing things up. No way Indians get taxed 30% annually based on their overall wealth. In most cases this form of taxation hovers between 0.5-2% depending on what country you are from.

The 30% tax rate you are talking about concerns capital gains, which is completely seperate from overall wealth taxation. In my case I am subject to both forms of taxation every year, and it really sucks because it feels like theft.

I can somewhat understand capital gains tax, but overall wealth taxation is the most stupid thing ever. Even if the value of your holdings goes down significantly you are still subject to that form of taxation.

It's ridiculous to pay tax over the same amount of money over and over again.

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Quote from: Delvi on September 30, 2018, 01:04:30 PM

Quote from: South Park on September 30, 2018, 12:43:19 PM

Quote from: XMLGold.eu on September 28, 2018, 08:02:22 AM

Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/

They can pass whatever laws that they want the problem for them is how are they going to identify the people that are using cryptocurrencies and how are they going to force them to pay? That is the question that no one wants to ask because they know they have no answer, so let them have their day and pass whatever laws they want, it makes no difference.

The law is designed for gullible citizens. The main thing is to sow fear, and to prescribe responsibility for violation of the law. The owner of the magazine Forklog, checked the security service of Ukraine. Computers with bitcoins were seized from him. Therefore, after the round-up it will be possible to accuse the citizens of Ukraine of tax evasion. But this method of lawlessness.

I agree with you this law was created to scare the average person to not adopt cryptocurrencies, but anyone that has been in this market for some months and understands the nature of the market is not going to be scared by this, if anything they are going to get even more motivated to secure their coins just in case the government tries to seize their computers so they will have a backup somewhere.

ss890

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Quote from: kryptqnick on September 28, 2018, 10:19:23 AM

This information about Ukraine is quite accurate, but this is just a project law among other project laws. Unfortunately, some of them were already rejected by the Parliament, so the others appear and try to look at cryptos from a different perspective. I hope this project law will not pass, because I think that cryptos shpuld be treated like money and taxing money is wrong. 5% tax is not to bad, though, but the full 19.5% is unfair, because at first one will have to pay taxes for holding cryptos, and then pay them again when buying goods (since taxes are already a part of the price).

I am not sure if you are from Ukraine or not but they do have things that are messy for us. The crypto taxes are very common now and in many countries whenever you transact more than 20K USD into your bank account then you will be getting taxed for it. For example, in my own country this is the situation and whenever my bitcoin conversion to fiat goes above 20K USD then it incurs pretty decent tax on me. I believe that 19.5% is also pretty fair if you compare this with the Indian government who imposes around 30% taxes on the wealth which is above 20K USD per financial year. That might be very relaxing for the Ukraines.

raven7886

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Quote from: XMLGold.eu on September 28, 2018, 08:02:22 AM

Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/

That is one more country that will accept bitcoin and crypto as a real payment and regulate it. The more this gets attention the more countries will follow, success of regulating bitcoin and taxing it will make other countries to do the same thing.

If countries do taxes on crypto they will make a lot of money from a new source of income from taxes and they will like it of course because they are getting paid. While we have to pay taxes we will also get the freedom to do whatever we want with crypto without being afraid of what would happen if we do exchange coins because uncertainty of some countries makes harder to trade.

valnd

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In my own opinion i think the more government impose tax on crypto currency and it's operation then the more people will adopted, no doubt cryptos needs government support to make the industry to grow and one of the things they will need is to great enabling environment for cryptos operation which will give investors more confidence to invest in the space.

mostkey

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Quote from: XMLGold.eu on September 28, 2018, 08:02:22 AM

Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/

In life in every country it is certainly necessary to pay taxes because after that becomes something that is recognized by the state, there is no bad thing in applying taxes to crypto because now crypto has become part of the business to get profit other than digital currency or the other party is very profitable to be a good business entity for everyone, of course payment is determined by everyone's income to be fairer in applying it to everyone, it's good for crypto progress and the country's progress is better in the future, this is something extraordinary that can be followed by other countries, all of which argue in this thread depend on their own perspective.

Uhde

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it is so sad to hear that. but it is not a big deal. blockchain based cryptocurrencies are very good solutions against all centralized financial systems. and no any government or any authority can do a major affect against crypto market.

Delvi

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Quote from: South Park on September 30, 2018, 12:43:19 PM

Quote from: XMLGold.eu on September 28, 2018, 08:02:22 AM

Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/

They can pass whatever laws that they want the problem for them is how are they going to identify the people that are using cryptocurrencies and how are they going to force them to pay? That is the question that no one wants to ask because they know they have no answer, so let them have their day and pass whatever laws they want, it makes no difference.

The law is designed for gullible citizens. The main thing is to sow fear, and to prescribe responsibility for violation of the law. The owner of the magazine Forklog, checked the security service of Ukraine. Computers with bitcoins were seized from him. Therefore, after the round-up it will be possible to accuse the citizens of Ukraine of tax evasion. But this method of lawlessness.

esetop01tryba

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I wonder how they can do it if the cryptocurrency is fully decentralized and anonymous. I thought that they did not work.

yoseph

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Quote from: biskitop on September 28, 2018, 08:06:31 AM

I think countries in Europe are more sensitive to bitcoin and crypto. Previously, Belgium had launched 8 Bitcoin ATMs, and currently Ukraine plans to impose a tax on bitcoin.

I always say that cryptocurrencies are ways for economies of countries to make some revenue for themselves. By taxing users of cryptocurrencies the Ukrainian government is going to make some money that they wouldn't have if they made cryptos illegal in their country.

South Park

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Quote from: XMLGold.eu on September 28, 2018, 08:02:22 AM

Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/

They can pass whatever laws that they want the problem for them is how are they going to identify the people that are using cryptocurrencies and how are they going to force them to pay? That is the question that no one wants to ask because they know they have no answer, so let them have their day and pass whatever laws they want, it makes no difference.

samcrypto

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That’s their purpose of course, because they see more people are earning a lot in this market then its better for them to collect taxes to support for their government projects. The important thing here is that, Ukraine is open for cryprotocurency which is really good for me.

gantez

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Quote from: biskitop on September 28, 2018, 08:06:31 AM

Ukraine plans to impose a tax on bitcoin.

That government should also try to make bitcoin recognized and approved in that country. When you tax people, you should also make the environment for such conducive .

suzanne5223

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Quote from: Agniya on September 29, 2018, 11:56:37 AM

Ukraine plans to join NATO. The fact that she is going to impose a tax on the crypto currency does not mean that she will succeed.

Hope you're right with what you said since it the government we are talking about here. However, I don't see anything wrong in paying tax concerning cryptocurrency profit since the government didnot ban or disturb crypto currency activities and what I think is that they should fight for the reduction of the tax percent.

Agniya

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Ukraine plans to join NATO. The fact that she is going to impose a tax on the crypto currency does not mean that she will succeed.

suzanne5223

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Quote from: biskitop on September 28, 2018, 08:06:31 AM

I think countries in Europe are more sensitive to bitcoin and crypto. Previously, Belgium had launched 8 Bitcoin ATMs, and currently Ukraine plans to impose a tax on bitcoin.

Yes, the European union countries are sensitive about bitcoin and crypto currency at large. But, the crypto tax issud by the Ukraine
government was for the profit make through mining and trading activities. However, the imposed tax news is not something new in the cryptocurrency community

Dimon8

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Ukraine, like most countries, "3 worlds" are puppet states and, accordingly, will fulfill the requirements of the countries or organizations that finance these countries.

entrepmind23

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Quote

The recognition of the cryptocurrency and the adoption of the draft law will allow the citizens to legally use the new financial instruments and invest in digital assets. In addition, large volumes of financial transactions will be withdrawn from the shadow markets. Consequently, Ukraine will be able to replenish the budget through taxation, as well as significantly stimulate the development of the virtual assets market.

Well, it's a good move for them because they recognize cryptocurrency instead of totally banning it. They need the funds anyway to replenish their budget so it's a win-win situation for both the crypto-enthusiasts and the government because they could both benefit from this decision. People can openly use cryptocurrency and I wouldn't mind paying 5% of my profit for tax than being at risk always because I know that what I am doing is illegal.

I do hope that other countries would realize the booming market of cryptocurrency and would reconsider of regulating it instead ot outright ban because they can implement some rules and regulations so that they can prevent the risk that are involved when it comes to cryptocurrencies if they have proper implementing procedures for it.

dothebeats

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I don't see any problem in here as long as the Ukrainian government has a solid legal framework concerning cryptocurrencies and other digital money. If there is a large user-base within the country, this will turn out good for the government and community given that their cause are somewhat supported and not a large portion of their profits are taken away. Also, if the taxes are not too aggressive, people would support it all the way, which might be happening in the Ukrain if it pans out.

Osayo

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Quote from: XMLGold.eu on September 28, 2018, 08:02:22 AM

Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/

I don't think this is totally wrong. It might be a blessing in disguise for cryptocurrencies as the government may legalize cryptocurrency since it now generates revenue for the government.

cizatext

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Quote from: senin on September 28, 2018, 02:42:59 PM

The bill submitted to the Verkhovna Rada of Ukraine of the crypto-currency is only one of several similar projects. It provides for the collection of 5 percent of the profit tax in the crypto currency, which is quite good for the circulation of crypto currency in this country. However, the draft law on the revival of the crypto-currency, introduced by the Verkhovna Rada's committee, foresees in general the absence of any taxation of the crypto-currency and more favorable conditions for its circulation in Ukraine. These are two of the four bills on the crypto currency and which one will be adopted, while it is difficult to say.

Yes you are right in as much as I in my personal opinion is against the taxation of cryptocurrency since it a digital currency performing the same function as the faint currency which are not liable to be taxed under any circumstances. The bill if properly worked upon by the Ukraine Parliament will help cryptocurrency to acquire more recognition and adoption.

pixie85

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Quote from: biskitop on September 28, 2018, 08:06:31 AM

I think countries in Europe are more sensitive to bitcoin and crypto. Previously, Belgium had launched 8 Bitcoin ATMs, and currently Ukraine plans to impose a tax on bitcoin.

Taxes in Europe are high if you compare them to the rest of the world. In the EU the tax gets progressively higher the more you earn and can reach almost 50% in some countries like France, which means that you're sharing with the state 50:50.
Ukraine is in trouble because people are moving to work in the EU and they had to invest a lot to sustain the army during the latest Crimea conflict. They have to get the money from somewhere.

senin

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The bill submitted to the Verkhovna Rada of Ukraine of the crypto-currency is only one of several similar projects. It provides for the collection of 5 percent of the profit tax in the crypto currency, which is quite good for the circulation of crypto currency in this country. However, the draft law on the revival of the crypto-currency, introduced by the Verkhovna Rada's committee, foresees in general the absence of any taxation of the crypto-currency and more favorable conditions for its circulation in Ukraine. These are two of the four bills on the crypto currency and which one will be adopted, while it is difficult to say.

kryptqnick

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This information about Ukraine is quite accurate, but this is just a project law among other project laws. Unfortunately, some of them were already rejected by the Parliament, so the others appear and try to look at cryptos from a different perspective. I hope this project law will not pass, because I think that cryptos shpuld be treated like money and taxing money is wrong. 5% tax is not to bad, though, but the full 19.5% is unfair, because at first one will have to pay taxes for holding cryptos, and then pay them again when buying goods (since taxes are already a part of the price).

drm

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Quote from: biskitop on September 28, 2018, 08:06:31 AM

I think countries in Europe are more sensitive to bitcoin and crypto. Previously, Belgium had launched 8 Bitcoin ATMs, and currently Ukraine plans to impose a tax on bitcoin.

What do you mean more sensitive? How does Belgium having bitcoin atm's relate to Ukraine imposing a tax?

biskitop

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I think countries in Europe are more sensitive to bitcoin and crypto. Previously, Belgium had launched 8 Bitcoin ATMs, and currently Ukraine plans to impose a tax on bitcoin.

XMLGold.eu

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Ukraine plans to impose a tax on the operations with cryptocurrencies
See more: https://www.xmlgold.eu/en/news/article/747/ukraine-plans-to-impose-tax-on-operations-with-cryptocurrencies/

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