"Cryptocurrency income must be declared - even without a special law" - Getmantsev
That is, there is no law, but there is an obligation🤷♂️🤷♂️
I have gathered the main theses and conclusions regarding the latest initiatives and statements of Danil Getmantsev:
1. The fight against the shadow economy and the ineffectiveness of the Bureau of Economic Security (BEB)
🔸Failure of de-shadowing: The process of bringing the economy out of the shadows has significantly slowed down, leading to a shortfall in tax revenues in 2025 by 2.6% of the plan.
🔸Problematic sectors: The largest losses are observed in the gambling business (20 billion UAH per year due to the lack of an online monitoring system), the electronics market, the restaurant business, and the trade of excise goods.
🔸Criticism of the Bureau of Economic Security: Hetmansev called the Bureau 'clogged' and professionally incapable, noting that the new team has not demonstrated real results in nine months.
2. Declaration of incomes and crypto assets
🔸Cryptocurrencies are subject to taxation: Despite the absence of a special law (it is only being prepared for the second reading), income from crypto assets must be declared according to general rules.
🔸Unfavorable conditions for the adoption of the law: Currently, all income from the sale of crypto is taxed, while the future law provides for taxation only on profit (the difference between expenses and income).
🔸Declaration campaign: Citizens who received income not from tax agents (for example, from abroad or from other individuals) must submit a declaration by May 1. This can be done through the 'My Tax' application or the electronic cabinet. Tax credit: Declaration allows for the return of part of the funds (tax deduction) for expenses on education or medical services.
3. Prosecutorial pension reform
🔸Cancellation of special pensions: In May, the adoption of the law (No. 12278) is expected, which significantly changes the rules for the pension provision of prosecutors.
🔸New requirements for experience: To receive a pension for years of service, one must have 25 years of total experience, of which at least 15 years must be in the positions of prosecutors.
🔸Payment limitations: The size of the pension will be 60% of the salary, but it cannot exceed ten subsistence minimums for disabled persons.
🔸Loss of the right to special pension: Prosecutors dismissed for disciplinary offenses or convicted of corruption crimes will receive a pension only on general grounds.
4. General trends and financial monitoring
🔸Strengthening control: Hetmansev emphasizes the importance of 'white' incomes as financial monitoring of banks becomes increasingly stringent. Banks will increasingly require confirmation of the sources of funds for large purchases.
🔸Risks of evasion: Refusal to declare now may lead to 'very uncomfortable questions' and investigations in the future when the state asks about the origin of assets.
