Taxes will be paid only when cashing out into fiat (hryvnias, dollars and so on). The rates will be:
- 18% personal income tax;
- 5% military levy.
In total - 23% of the profit from selling cryptocurrency. Exchanges between cryptocurrencies and holding without selling will not be taxed. Income below the annual minimum wage will also be exempt from tax.
Individuals will declare their profits once a year by submitting an exchange statement of asset purchases and sales. Losses can be carried forward to subsequent years.
Sole proprietors on the simplified tax system will not be able to work with cryptocurrency. At the same time, companies on the general system and legal entities will be able to invest, engage in P2P trading, open exchanges or issue their own tokens. This will require a licence or a white paper.
VAT will not apply, except when crypto assets are exchanged for real goods, real estate or NFTs.
In the first year of the law, individuals will be able to legalise cryptocurrency under a special procedure: pay 5% of the value of the assets without proving their origin. Reduced fines are provided for businesses in the first two years of the law.