The Kyrgyz Ministry of Economy has prepared a draft decree that will formalise mining taxation in the Tax Code.
Обоснование к проекту постановления by ForkLog on Scribd
According to the draft, miners must register with the tax authorities. Later they will be required to submit a report on their activities using the form approved by the decree.
The document states that the project is aimed at developing the economy, taking into account force majeure conditions arising from the COVID-19 pandemic, and will also boost state budget revenues.
The draft decree has been opened for public discussion.
In June, the Kyrgyz parliament approved in the third reading a bill ‘On Amendments to the Tax Code,’ providing for mining taxation.
The 15% rate is calculated based on electricity costs and includes VAT and the sales tax.
Despite the adoption of mining taxation, the legal status of cryptocurrencies in Kyrgyzstan remains undefined, the National Bank stated.
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