The upcoming Kazakhstan crypto taxes will be aimed at regulating the growing mining industry in the country. Authorities plan to introduce a 15 percent tax to strengthen reserves in the fight against the COVID-19 pandemic
Kazakh crypto taxes will help in the fight against COVID-19
Approximately 6 percent of the world’s BTC hashrate is mined in Kazakhstan, making it an important player on the world stage. Kazakh miners have long enjoyed an uninterrupted regime of high-yield margins, against the background of low electricity tariffs and an unregulated cryptocurrency market. All this will change with the introduction of crypto taxes by the government, working to raise money to recover from the effects of the coronavirus.
Interestingly, Kazakhstan is second only to China when it comes to the share of BTC hashrates in the world. In 2020, the authorities of many countries developed rules related to cryptocurrency, and even imposed taxes on cryptocurrency mining operations.
According to local media reports, taxes will be capped at 15 percent. The proposed project aims to include crypto-mining activities in existing forms and procedures for filing tax returns. The official document mentions that the taxpayer must register by applying for registration at the place of residence, and then pay the fees according to the calculation.
The plan was developed by the Ministry of economy of Kazakhstan. What makes the project unique is the registration clause. The taxpayer will register as a crypto miner, provide all necessary information to the tax authorities by submitting an application, set the tax rate when filling out the STI-025 form, and receive a copy of the registration card. The crypto-taxpayer is differentiated right at the beginning of filing a tax return.