President of Kazakhstan Kassym-Jomart Tokayev signed a legislative act on amendments to the Tax Code of the country. The amendments provide for an increase in tax rates for miners.
Amendments to the existing law “On Taxes and Other Obligatory Payments to the Budget” introduce differentiated tax rates for cryptocurrency mining. Fees will be determined based on the average price of electricity consumed for mining during a given tax period.
They start at 1 Kazakhstani tenge ($0.002) per kWh and can go up to 10 tenge if the electricity tariff was in the range of 5-10 tenge ($0.011-0.021). At the same time, miners using electricity from renewable sources will pay the lowest rate.
In February, the government of Kazakhstan considered two suggestionsaimed at restricting miners by raising electricity prices and imposing a tax on mining equipment.
Kazakhstan is trying to limit the mining of digital currencies by imposing restrictions on the supply of electricity during the cold winter months and closing mining farms in some regions of the country. These measures forced many companies to close their factories and move to other countries.
At the end of June, Tokayev said that he was dissatisfied with the level of adoption of cryptocurrencies in Kazakhstan and instructed officials to ensure the development of the cryptocurrency industry.
Source: Bits
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