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Economy Ministry Of Kyrgyzstan Proposes To Impose Tax On Cryptocurrency Mining

Tracy CHEN

Summary: The Ministry of Economy of Kyrgyzstan has developed a draft resolution on imposing a tax on cryptocurrency mining. The document has been submitted for public discussion. As the background statement says, it is proposed to approve a mining tax report form and the procedure for filling and submitting it. An entrepreneur intending to pay the ...

The Ministry of Economy of Kyrgyzstan has developed a draft resolution on imposing a tax on cryptocurrency mining. The document has been submitted for public discussion. As the background statement says, it is proposed to approve a mining tax report form and the procedure for filling and submitting it. An entrepreneur intending to pay the mining tax will have to submit an application for registration as a taxpayer to the tax authority.

The ministry noted that the draft decree is aimed at developing the economy, taking into account the force majeure conditions caused by the coronavirus pandemic, and will also increase state budget revenues. Earlier, the Tax Code of the Kyrgyz Republic was supplemented with Chapter 61, which provides for the introduction of a tax payment regime for cryptocurrency mining.

Tracy Chen