Ministry of Economy of Kyrgyzstan proposes to introduce a tax on cryptocurrency mining

The Ministry of Economy of Kyrgyzstan submitted for public discussion a draft resolution proposing amendments to the Tax Code of the Republic, providing for the introduction of a tax on cryptocurrency mining. Residents of the republic engaged in such activities will be obliged to formalize their business and submit relevant reports to the tax authorities of the country. See also: Cryptocurrency miners prefer Kyrgyzstan because of cheap electricity. It is noted that organizations and individual entrepreneurs mining cryptocurrency will have to pay mining tax instead of income tax, value added tax on taxable supplies and sales tax. The basis of the mining tax is the accrued amounts for electricity consumed during mining, including VAT and sales tax. The tax rate is proposed to be set at 15%. See also: Kyrgyzstan talked about the threat of energy deficiency