Kyrgyzstan wants to set clear conditions for the taxation of Cryptocurrency Mining
According to an official report published on the Kyrgyzstan Republic website, yesterday members of parliament considered a law that would determine clear conditions for the taxation of cryptocurrency mining.
The law states:
– to add Section XV “Special Tax Regimes of the Tax Code of the Kyrgyzstan Republic” to Chapter 60 “Mining taxes”
– determine the meaning of the terms “virtual property” and “mining”
– determine the basis of mining tax in the form of accrued amounts of the taxpayer for the payment of electricity consumed during mining, including vat and turnover tax
– the tax rate is set at 15%
During the discusion, Aaly Karashev emphasized electricity consumption and production for the following years. Natalya Nikitenko joined the discussion and supported the view that mining requires a large amount of electricity.
The press service has not yet informed when the law will be approved.
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