Can individual – declarant reflect presence of cryptocurrency in the one-time (special) voluntary declaration?
According to Paragraph 4 Sub-section 9 Copy 4 Section XX “Transitional Provisions” of the Tax Code of Ukraine as of 02.12.2010 № 2755-VI with changes and amendments (hereinafter – the TCU), objects of the one-time (special) voluntary declaration (hereinafter – the declaration objects), defined in Sub-paragraph 14.1.280 and 14.1.281 of Paragraph 14.1 Article 14 of the Tax Code of Ukraine, are assets of individual belonging to declarant on the ownership right (including the joint partial right or common joint ownership right) and are (accounted, in turnover, registered, etc.) on the territory of Ukraine and / or abroad as of the date of submission of the one-time (special) voluntary declaration, including but not exclusively:
a) currency values (bank metals, except for those not placed on the accounts, national currency (UAH) and foreign currency, except for cash and rights of monetary claim (including deposit), funds borrowed from third parties under the agreement loans), executed in writing form with a legal entity or notarized in case of the declarant’s claim right to another individual;
b) real estate (land, residential and non-residential real estate).
For purposes of this subdivision, the real estate also includes objects of unfinished construction, which are:
not taken into operation or the ownership right of which is not registered in manner prescribed by law, but property rights to such objects belong to declarant on the ownership right;
not put into operation and located on land plots belonging to declarant on the private property right, including joint ownership, the long-term lease right or superficies;
c) movable property, including:
vehicles and other self-propelled machines and mechanisms;
other valuable movable property (art and antiques, precious metals, precious stones, jewelry, etc.);
d) shares (units) in the legal entities’ property or entities without the legal entity’s status, other corporate rights, property rights to intellectual property;
e) securities and / or financial instruments specified by law;
f) right to receive dividends, interest or other similar property benefits not related to the ownership of securities, shares (units) in the legal entities’ property and / or in entities without the legal entity’s status;
g) other individual’s assets, including property, bank metals not placed on accounts, commemorative banknotes and coins, property rights belonging to declarant or from which the declarant receives or has a right to receive income under the property management agreement or other similar operation and does not pay such property’s owner a part of income belonging to the owner.
Given the above specified and given that today the cryptocurrency does not have a specific legal status in Ukraine – there is no regulatory framework for its classification and regulation of operations with it, there is no reason for its declarant’s reflection in the one-time (special) voluntary declaration.