Hetmantsev advised crypto owners to legalize it, otherwise it could be "very painful"
Danylo Hetmantsev (Photo: MP's press service)

Danylo Hetmantsev , head of the Verkhovna Rada's tax committee, has advised cryptocurrency owners to legalize it after the law is passed, otherwise they may receive very large bills from the State Tax Service in the future. He said this in an interview with Ukrinform .

"I would like to remind you that cryptocurrency transactions are already taxed even without this law. But this happens according to the general rules: income is taxed at a rate of 23%, not profit. And if a person who has been avoiding paying taxes until now is ever charged additional taxes for several years at once, it can be very painful. Therefore, if someone is planning their financial life for at least 10 years, I strongly recommend that they take advantage of the opportunity that will appear after the final adoption of the law and go white," said Getmantsev .

The draft law being considered by the Verkhovna Rada, provides for taxation of profits from transactions with virtual assets (in the form of the difference between sale and purchase) at a rate of 18%. For assets acquired before the law comes into force, a preferential rate of 5% will be applied for the first year. If the taxpayer does not exercise this right, then such profits will be taxed on a general basis.

According to Hetmantsev, work on the wording of the bill for the second reading may take several months.

"We have received 300 pages of amendments from the National Bank, for example, and 50 pages of proposals from the Tax Service. This actually suggests that we will need to rewrite the draft law almost completely before the second reading, even if we do not agree with all the amendments," he said .

"In general, we want to follow the analogy with operations that already exist and are legally regulated with similar assets," he added .

Danylo Hetmantsevtaxcryptocurrency