Kazakhstan Is Proposing 15% Bitcoin Mining Tax To Help Counter Coronavirus

Kazakhstan is proposing 15% bitcoin mining tax to help counter coronavirus. According to a recent article by a local Russian newspaper, the latest tax proposal introduced by the country’s Ministry of Economy allows bitcoin ( BTC) miners to file an application for registration with the authorities first.

Thereafter, the taxpayer must then indicate the 15% tax on their annual tax calculations. The report notes that “the clause on registration makes the bill unique… the taxpayer working with cryptocurrencies stands apart from the very beginning of filing a tax return.” 

Funds received from the draft tax would be channeled into building the infrastructure needed to battle Covid-19 while also providing a boost to the economy. Up to 1,300 Kazakhs have been killed by the disease so far, with official figures showing more than 100,000 infected.

In June, the Kazakh Minister of Digital Development, Innovation and Aerospace Industry, Askar Zhumagaliyev, revealed that a total of 14 bitcoin mining companies were operating in the country’s north.

He said over the next three years, the country is targeting up to $738 million of investment from crypto-related activities, particularly mining.

[image: Beka Tasmagambet]

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