National Bank is ready to introduce a tax on currency purchases
National Bank of Ukraine (NBU) is considering the possibility of introducing tax for personal income from changes in exchange rates.
November 15, this was announced at a press conference by the Director General of the Department of monetary policy of the National Bank Olena Shcherbakova.
"The project is ready to be discussed ... The issue is debatable" - she said.
According to her, in a very difficult situation on foreign markets, the Ministry of Finance and the National Bank are discussing various measures to stabilize the economy, balance the budget, improve the effectiveness of fiscal policy as well as normalize the situation in the money and foreign exchange markets.
The additional tax charge on exchange rate differences for transactions of individuals is just one of a set of initiatives discussed, clarified the director of the department.
Currently the Tax Code excludes from the calculation of total monthly taxable personal income incomes from transactions with currency values (other than securities) related to the transfer of ownership of such currency values.
In addition, income from changes in exchange rate against the dollar under monetary debut treasury obligations issued this year is also exempt from tax.
The basic tax rate on personal income in Ukraine is 15%. However, investment income from transactions with internal bonds, including from changes in foreign currency rate, is taxed at 5%.
Experts say that the most difficult problem in the possible imposition of tax on personal income from changes in the exchange rate is the issue of its administration.
13 March 2013 11:30