Kyrgyzstan proposes a draft tax law amendment that will introduce cryptocurrency mining tax

According to Cointelegraph, on August 28th, the Ministry of Economic Affairs of Kyrgyzstan submitted the draft law on the revision of the tax law, aiming to introduce cryptocurrency mining tax. The taxation of cryptocurrency mining is expected to increase budgetary revenues and contribute to the principle of fair taxation in the Kyrgyz Republic. The Ministry of Economic Affairs of Kyrgyzstan is exploring two possible options for taxation of cryptocurrency mining. The first is to levy taxes on income, and the second is to levy taxes on the costs incurred during cryptocurrency mining. The report shows that the Kyrgyz government will receive about 300 million som (about 4.2 million US dollars) in revenue.