Kyrgyzstan wants to set clear conditions for the taxation of Cryptocurrency Mining

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 bill that would determine clear conditions for the taxation of crypto mining.

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4 Jun 2020 , 18:55 @ Matey Salt

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.

Kyrgyzstan parliament

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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