What happened? In the first quarter of 2022, Kazakhstan’s budget increased by 652 million tenge ($1.52 million) thanks to companies Mining Cryptocurrencies in the country. The authorities introduced a fee for mining on January 1, 2022. It is calculated at a rate of 1 tenge ($0.002) per 1 kWh of electricity. The State Revenue Committee of the Ministry of Finance of Kazakhstan said that tax reporting for individuals engaged in Mining is not provided, said RBC.
What events have taken place before? In mid-April, Kazakhstan’s Minister of National Economy Alibek Kuantyrov said that a tax on Mining should be tied to the value of digital assets. In his opinion, this would have a positive impact on the country’s budget. At the beginning of May the Minister of Digital Development Bagdat Musin introduced changes to the rules for informing about Mining activities. Persons who plan to engage in mining of Cryptocurrencies, now need to notify the ministry and provide it with detailed data.
At the end of May the Parliament of Kazakhstan in the first reading supported the bill on amendments to the Tax Code, which will affect the sphere of Cryptocurrency mining. The document provides for the introduction of differentiated tax rates for mining depending on the source and cost of energy consumed.