In Ukraine, a mechanism has been developed for the legal use of small business crypto-currencies
The Ukrainian company Attic Lab and the Law Firm “Yuscutum” have developed a legal and tax scheme that will allow the introduction of a crypto currency into the circulation of goods and take it without violating the existing legislation. About this magazine ForkLog told CEO Attic Lab Sergei Vasilchuk.
“The idea of developing such schemes belongs to me, and it arose spontaneously. Not far from my house in the resort area of Kiev Pushcha-Voditsa is a cozy family cafe, and once my daughter and I went there to have a bite after a bike tour. Already when they brought us the bill, I realized that I went out without a purse, and with me, I had only a mobile phone. Since I am a crypto-enthusiast, I offered to pay the account with a crypto currency. The waiters at first took this as a joke and mockery, but after the owner of the establishment Vladislav came to us, and I explained the situation to him, he agreed to try this payment method, “Vasilchuk said.
According to him, he started a crypto-currency purse to the owner of the cafe, to which the bitcoins were transferred in the equivalent value of the order – 172 hryvnia (about 0.0016 BTC).
“This story got into some media, and after a wide publicity, I realized that we need to develop a legal model for accepting crypto currency so that entrepreneurs can not worry about possible problems,” Sergey Vasilchuk said.
The scheme for the reception of the crypto-currency, including the transparency of tax deductions, was developed in cooperation with the Yuscutum Law Firm. According to lawyers, the developed scheme is suitable mainly for individuals-entrepreneurs (FLP) on a single tax.
“Suppose our FLP is an enthusiastic crypto currency and developed a program for the development of the turnover of the crypto currency in Ukraine. Within the framework of this program, the client can receive free meals from the cafe provided free transfer of the crypto currency to the purse FLP. To avoid additional questions from the auditors, the Program can be written out in the form of a public contract. On the cafe tables and in the corner of the buyer, you need to post information that, by transferring for free to the crypto currency, customers participate in the Program and their actions are aimed at developing the system of blockades and its promotion, “commented in JSC” Yuscutum “.
In turn, the entrepreneur enters into an industrial catering contract with his cafe and undertakes to pay in UAH, by wire transfer, the dishes of an unlimited number of persons who give him the crypto currency for free.
“The client can transfer the crypto currency to the FLP purse for free within the framework of the Program. The main thing is that the recipient of this asset should reflect it in the account and pay taxes. At the same time, the PPO check should not be issued to the client, since the payment for this dish has already occurred through a bank transfer from FLP. According to Article 292.3 of the Tax Code of Ukraine (GCC) for FLP – it’s free goods received. The peculiarity of the operation is that the contract must be concluded in writing. This can be any contract, which does not provide for the compensation of the cost of such goods, or the contract of responsible storage of crypto currency by an individual entrepreneur with the right to use it. Contracts can also be in electronic form: for example, a client downloads a QR code from a website on which the terms of such a contract are placed and signs it with a code – an electronic identifier, “explained Natalia Radchenko, partner of the tax practice of Juscutum.
Despite the fact that in the civil turnover the status of the crypto currency is not defined, for the purposes of accounting and tax accounting lawyers of “Yuscutum” offer to consider it an intangible asset, since the list of intangible assets in the Accounting Regulations (standards) is not exhaustive.
Excerpts from P (c) BU 8:
4.5. “An intangible asset is a non-monetary asset that does not have a material form and can be identified. Other intangible assets (the right to carry out activities, the use of economic and other privileges, etc.).
etc. 6. The acquired or received intangible asset is reflected in the balance sheet if it is probable that future economic benefits associated with its use will be received and its value can be reliably determined.
“Bitcoin as an intangible asset has a digital, not a material form. It can be identified. At the same time, it is possible to obtain future economic benefits associated with its implementation, and its value can be reliably determined, “say lawyers.
According to paragraph 14.1.244 of Art. 14 NKU, the goods are “tangible and intangible assets, as well as securities and derivatives used in any transactions, except for operations for their issuance (issue) and redemption.”
Along with this, article 292.3 of the NKU stipulates that FLP has the right to receive goods free of charge. However, he is obliged to include the value of such goods in the income in the quarter in which he received them, and pay the tax.