Another EAEU country can legalize an important aspect of cryptocurrency activities.
In Kyrgyzstan, the Ministry of Economy of the country submitted for discussion to experts and interested parties draft laws that legalize cryptocurrency mining , as it considers the possibility of collecting payments from such activities in the budget in the form of a tax. For this purpose, amendments to the Tax Code of the country have been prepared, as well as a framework version of the resolution on how changes will be implemented in practice.
Since the income from miners is not stable and therefore difficult to fix, it is proposed to calculate the tax size in direct proportion to the amount of electricity consumed by one or another type of mining equipment .
The authorities calculated based on the fact that there are currently about 80 thousand mining machines in the country. This means that, taking into account the average energy consumption and the proposed estimated tax rate of 15%, the agency intends to replenish the state treasury with revenues from miners worth 300 million soms in the coming year, which corresponds to about $ 4.2 million. This is a significant amount, given that the entire annual budget of the country is about $ 1 billion.
That is, when levying a tax, it is proposed to build on the expenditure method, taking as a guideline such an important item of miners spending as electricity consumption. The method of collecting tax on the income of miners is considered as unpromising.
To date, the activities of miners in Kyrgyzstan did not have a legal basis, but the authorities intend to resolve this issue. Moreover, it draws attention to the fact that thanks to the proposed amendments, the term “cryptocurrency” will appear in the country's legislation.
Kyrgyzstan is a member of the EAEU – a union of countries, within the framework of which the desire of states to introduce cryptocurrency activities in the right field is already becoming a trend.
So earlier it became known that the authorities of Kazakhstan plan to legalize the concepts of “blockchain” and “cryptocurrency”.
Publication date 09/02/2019
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