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Title Tax on Cryptocurrency as Innovative Financial Instrument in IT Sphere
Authors Rieznik, Oleh Mykolaiovych  
Andriichenko, N.
Inshyn, M.
Maslak, N.
Arsentieva, O.
Keywords cryptocurrency
cryptocurrency transactions
income tax
IT instrument
Type Article
Date of Issue 2020
URI https://essuir.sumdu.edu.ua/handle/123456789/82603
Publisher The World Academy of Research in Science and Engineering
License Creative Commons Attribution 4.0 International License
Citation Oleg Reznik, Nadiia Andriichenko, Mykola Inshyn, Nataliya Maslak and Olena Arsentieva. Tax on Cryptocurrency as Innovative Financial Instrument in IT Sphere. International Journal of Advanced Trends in Computer Science and Engineering. 2020. Vol. 9, № 1.2. Р. 280-286
Abstract The article deals with the content of the tax on cryptocurrency, which is an innovative IT instrument of economic development. It has been established that there was no common understanding of the official status of cryptocurrency given that each state establishes it in the framework of its national legislation independently, and the introduction of taxes is one of the instruments of state influence on the cryptocurrency circulation. It has been found out that the EU member states had only one restriction on the taxation of cryptocurrency, namely cryptocurrency transactions were not liable for VAT. Foreign experience in taxing cryptocurrency transactions is considered in the article. It has been established that Ukraine offered the most optimal tax rate on income from cryptocurrency transactions for individuals and legal entities. At the same time, the significance of the economic effect of the cryptocurrency tax in the form of revenues to the state budget due to the unstable cryptocurrency exchange rate is disproved, which raises the issue of the feasibility of search for new areas of state influence on cryptocurrency.
Appears in Collections: Наукові видання (ННІП)

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