Ukrainian company Attic Lab and the Juscutum attorneys Association has developed a legal and tax schemes, allowing to pay for goods and services with cryptocurrency, including bitcoin, without breaking the law, writes ForkLog.
The scheme is primarily designed for physical persons-entrepreneurs (FLP), which pay a flat tax.
“We assume that our FOP is a cryptocurrency enthusiast and has developed the Program of development of turnover of the cryptocurrency in Ukraine. In this program the Customer can get free meals from the cafe provided free transfer cryptocurrency wallet Phil. To avoid additional questions from a reviewer. The program can be written in the form of a public contract” – a comment Juscutum.
For the owner need to sign a contract industrial catering with his café. In the contract, he undertakes to pay bills unlimited circle of persons, which gave him a crypto currency in local currency by Bank transfer.
A client can transfer to the FLP wallet cryptocurrency importantly, you want the recipient to reflect it in the accounting and paid the taxes. At the same time check the PPO to the client to be discharged should not, as the payment of this dish has already occurred by Bank transfer from FLP.
In accordance with article 292.3 of the Tax code of Ukraine (TCU) Phil gets the goods for free. In this case, the contract must be concluded in written form. Is any type of contract, the main thing that it was not provided for reimbursement of the cost of goods. Or transfer of value can be issued in the form of a contract of responsible storage of cryptocurrency natural persons-entrepreneurs with the right of its use.
“Contracts may also be concluded in electronic form: for example, a customer downloads a QR code from the website that hosts the terms of such agreement and signs it with their code – electronic identifier”, – said the partner of tax practice of Juscutum Natalia Radchenko.
In Ukraine the status of cryptocurrencies is still not determined. Therefore, for the purposes of accounting and tax accounting in the Juscutum propose to consider it as an intangible asset. This recommendation is based on the fact that the list of intangibles in accounting standards is not exhaustive.
According to p. 164.2.17 article 164 of the tax code the cost of food, free of charge received by the payer of personal income tax is considered an additional benefit and should be taxed. Bitcoin is an intangible asset digital forms, respectively, it is easy to identify, and its cost can be measured reliably. When it is probable that future economic benefits associated with its transmission.
However, the additional benefit must be directly associated with a specific person in order to be considered an additional benefit. Thus, at the visitor cafe, which gets a free Cup of coffee donated for cryptocurrency, there would be additional benefits.
According to CEO Attic Lab of Sergey Vasilchuk, the legal regimen of cryptocurrency will be approved within one month, after which the Attic Lab will proceed to the technical implementation of the project.