Kazakhstan proposed to tie mining tax to the price of cryptocurrency

This will attract more funds to the state budget, the Minister of National Economy of the Republic Alibek Kuantyrov believes

15.04.2022 - 07:35

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What’s new? The Minister of National Economy of Kazakhstan, Alibek Kuantyrov, believes that the tax on cryptocurrency mining should be tied to the value of digital assets. He stated this at a briefing of the Central Communications Service under the President of the Republic of Kazakhstan.

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How will this affect revenues? The department is considering tying the tax to the value of cryptocurrencies. According to Kuantyrov, this will have a positive impact on the country’s budget. So, if the value of digital assets grows, the amount of tax will also increase.

What had happened before? In early February 2022, Kazakhstan’s First Vice Minister of Finance, Marat Sultangaziyev, proposed to increase the price of electricity by three times, from $0,0023 per kWh to $0,01. He also proposed to impose a tax on each individual video card (GPU), comparing them to gambling tables in casinos. The third part of his proposal was to remove the VAT exemptions for all mining equipment.

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