Business news from Ukraine

BLOCKCHAIN ASSOCIATION OF UKRAINE BACKS 5% TAX ON DEALS WITH CRYPTOCURRENCIES

The Blockchain Association of Ukraine (BAU) has proposed to make Ukraine competitive jurisdiction for companies dealing with cryptocurrencies and blockchain technology and proposed some principles for being implemented into the law, including the introduction of 5% tax on deals with cryptocurrency.
The respective document was posted on the association’s website last week.
According to the text of the document, proposals for implementation in the legislation in the field of regulation of cryptocurrencies were developed with the aim of accelerating the pace of development of this market.
In particular, according to the association, cryptocurrency exchange and sale transactions should not be subject to VAT and cryptocurrency suppliers should not be tax agents of individuals. For transactions with cryptocurrency, personal income tax should be levied at a rate of 5%, and the tax base should be net profit for the reporting year.
Blockchain Ukraine also proposes to introduce licensing of the exchange of cryptocurrency for fiat currencies.
The BAU said that the proposals of the association were accepted for consideration by the Ministry of Digital Transformation of Ukraine and the interfactional parliamentary association of the Verkhovna Rada Blockchain4Ukraine.
In the near future, it is planned to sign a memorandum of understanding and cooperation between the Ministry of Digital Transformation and the community of blockchain and crypto companies.
The Blockchain Association of Ukraine brings together experts in the blockchain industry and is a non-profit organization that actively promotes the integration of blockchain technology into the Ukrainian economy. The main mission of the association is to develop multilateral dialogue, the result of which will be consensus in all areas of activity.

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SERGIY BUBKA RE-ELECTED VICE PRESIDENT OF INTL ASSOCIATION OF ATHLETICS FEDERATIONS FOR ANOTHER FOUR YEARS

President of the National Olympic Committee (NOC) of Ukraine Sergiy Bubka on Wednesday was re-elected to the post of vice president of the International Association of Athletics Federations (IAAF) for four years. “According to the results of the vote, President of the National Olympic Committee of Ukraine, the legendary athlete, Olympic champion, multiple world champion, 35-times world record holder Serhiy Bubka has been re-elected to the post of IAAF Vice President for a term of four years,” the NOC of Ukraine said in a statement.
He received 139 votes from the national federations of the countries participating in the vote.
Briton Sebastian Coe was again elected President of the IAAF.
Bubka became IAAF Vice President in 2007.

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