Kazakhstan President Signs Law Increasing Tax Burden for Crypto Miners – Mining Bitcoin News
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President of Kazakhstan Kassym-Jomart Tokayev has signed into law a bill amending the country’s Tax Code to impose higher tax rates on crypto miners. The levy will depend on the amount and average price of electricity utilized in the extraction of digital currencies like bitcoin. The new tax rules are expected to reduce the load on the power grid and discourage the consumption of domestically produced electricity for mining. In February, the Kazakh government ordered relevant authorities to identify all cryptocurrency miners operating in Kazakhstan and raise their taxes. In April, state auditors went after mining businesses that allegedly exploited tax benefits they were not supposed to benefit from. The measures forced some companies to relocate or move a significant portion of their equipment out of the country. Source