August 4, 2020

Kyrgyz parliament considers mining tax bill

06/04/2020

Karolina Salinger

Kyrgyz parliament considers mining tax bill

Kyrgyz parliament considers mining tax bill

MPs Kyrgyzstan was sent to vote in the first reading a draft law on taxation of mining. This was reported on the website of the government agency.

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The bill defines a virtual asset as a digital expression of value. It is not a currency, security, or electronic money.

According to the document, the tax rate is set at 15%. It is calculated from the cost of electricity consumed for mining, including VAT and sales tax.

It is expected that the introduction of taxation of mining of cryptocurrencies will increase government budget revenues.

Earlier, some members of the local parliament said that the taxation mechanism for mining in Kyrgyzstan needs to be simplified.