Ukraine's Stock Market Commission presents virtual asset taxation framework to finance committee of Ukraine's Parliament
The National Securities and Stock Market Commission (NSSMC) has presented a taxation framework for virtual assets to the working group of the Verkhovna Rada's Committee on Finance, Tax, and Customs Policy. The Commission has also prepared a draft bill on the subject, according to NSSMC Chairman Ruslan Magomedov.
"The Commission is leading the effort to create a legislative framework for regulating the virtual asset market. For several years, Members of Parliament debated this issue, but it was the Commission's team that took the initiative. Now, progress is finally being made. We have already prepared a draft bill (No. 10225), and work on it is actively continuing," Magomedov wrote on Telegram on Friday.
He added that extensive work has been done on the virtual asset taxation framework, drawing from international experience. The framework outlines potential taxation models in three key areas: personal income tax, corporate profit tax, and value-added tax (VAT).
Magomedov expressed hope that this framework would help the working group assess risks and make an informed decision on a national taxation model.
"The key objective is to establish economically sound and balanced conditions that will be favorable for all stakeholders," he concluded.