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Author Topic: 📜Kyrgyzstan Proposes Draft Law to Introduce Crypto Mining Taxation📜  (Read 171 times)

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Offline Kriptolab

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New tax proposal

According to news outlet Kabar, the draft law was specifically developed to allow for the possible taxation of crypto mining.

The taxation on cryptocurrency mining is expected to increase budget revenues and to contribute to the principle of fair taxation in the Kyrgyz Republic.

The Ministry of Economy of Kyrgyzstan seems to be exploring two possible options to implement taxes on cryptocurrency mining. The first option would be the taxation of income, while the second would be taxing expenses incurred during cryptocurrency mining. 

The report suggests that the Kyrgyz government stands to earn some 300 million som ($4.2 million) significant in a country whose annual budgetstands at around $1 billion.

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