IN position
The Treasury Department, submitted for approval by the US Congress, introduces a new budget rule that “any company that uses computing resources owned by it or rented from others to mine digital assets will be subject to an excise tax equal to 30% of the cost of electricity used when mining digital assets.
The proposal of the Ministry of Finance is planned to be extended to absolutely all companies involved in mining, regardless of whether they receive electricity from autonomous sources or centralized ones, such as power plants. 30% will be calculated based on the estimated cost of electricity in each specific case.
To implement the new budget rule, all mining companies will be required to submit reports to the tax authorities detailing the amount of electricity consumed and its cost.
The US Treasury has proposed a phased scheme for introducing excise taxes over three years, at 10% per year. Thus, the proposed rate of 30% will be reached by 2026.
The Treasury proposal must be approved by Congress for it to take effect.
Earlier, the US Department of the Treasury issued a demand to prevent the practice of tax residents accounting for losses from fictitious trading in crypto assets in tax returns.
Source: Bits
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