Bring Kyrgyzstan Cryptocurrency Mining Tax – Somag News

Kyrgyzstan announced that it imposes a special tax on institutions and organizations dealing with crypto money mining. With the new law, income tax, sales tax and VAT will be paid under the name of mining tax.

Kyrgyzstan said that it would be more appropriate to collect income tax, VAT and sales taxes from individual or corporate miners under a single roof. The tax in question will be collected in accordance with the law adopted on 1 August 2020.

Scope and Rate of the New Tax

According to the laws of Kyrgyzstan, users are obliged to pay taxes for all consumer products that are taxable in crypto money mining. Individuals or institutions that mine cryptocurrency will now pay crypto mining tax for electricity spent during mining activities. This tax will only cover the amount of electricity consumed in mining. The tax rate was determined as 15 percent by the Kyrgyz Tax Office.

In its statement, Kyrgyzstan stated that high-level software and hardware should be used in the operation of platforms where

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