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I would like to hear from you regarding your experiences with crypto taxation and regulation.
- Has your country enacted a crypto tax and regulatory framework?
- If yes, what is the current tax rate?
- Are you satisfied with the current tax structure?
- Do you believe the tax rate is reasonable or too high?
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Answering questions !
Country - Ukraine.
Until today - no full-fledged legislation ! But - at the level of the government is preparing a set of laws (preparation began in about 2018, then adapted to Western experience), which :
- will determine the status of cryptocurrencies. And it (cryptocurrency) will not be a monetary surrogate.
- determines the tax obligations regarding the income received from the sale of cryptocurrency.
Here I will clarify - given the volatility and the lack of centralized and "licensed" resources where cryptocurrency is sold, which can give detailed information about the transactions of the owner of cryptocurrencies, the fiscal service, the idea looks like this - as soon as you sell (or rather convert cryptocurrency into local currency) - you pay tax on turnover.
But ! I am in favor of paying taxes - because it is the right thing to do ! And the idea, which is the basis of the legislation, suits me in terms of %. For the first 5 years - the rate is 5% (and there are also preferential options), then - increases. There are different rates for private holders and for companies.
I have previously sold and withdrawn significant sums to bank cards, for example to buy a new apartment, and I had no tax liabilities