| Abstract [eng] |
This master thesis analyses Lithuanian and foreign tax laws and tax administrator explanations with the aim of evaluating the models of cryptocurrency, its tokens, taxation and whether the current regulation is compatible with EU law and thus identifying problem areas. In the first part of the thesis, the concept of cryptographic assets is presented, with its definition, elements and identifying forms of manifestation, which is necessary for further investigation, the definition of cryptocurrency tokens, as well as the valuation of the company's accounting, how the cryptographic tokens could be registered in the companies' financial accounts and what kind of challenges companies might face. The second part of the master thesis presents an analysis of the taxation of the cryptocurrencies by exploring the current taxation models, the tax consequences and responsibilities of issuing, reselling or extracting each token model. The thesis also analyses what regulatory gaps could imply differentiation of taxation and potential disputes between individuals and the tax administrator in the future. The third part of the thesis examines the taxation of cryptographic currencies in foreign countries, gives a general overview of the explanations issued by foreign countries on the related topic, presents the problems that the author sees. The results of the study show that cryptocurrencies are taxed according to their essence, as set out in the ICO project “whitepapers”. The issue of cryptocurrency financial evaluation in Lithuania has been identified as a mismatch between accounting standards for virtual currencies. Also, the author highlights the problem with amateur cryptocurrency operations consideration as a business that could lead to tax disputes in the future. |
