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The Department of State Revenues for Almaty reports that amendments to the Tax Code of the Republic of Kazakhstan, regulating the collection of fees for the extraction of cryptocurrencies, will come into force on January 1, 2022, TOTAL.KZ reported, citing Kazinform.

These amendments were introduced by the Law of the Republic of Kazakhstan dated June 24, 2021, No. 53-VII “On Amendments and Additions to the Code of the Republic of Kazakhstan” On Taxes and Other Mandatory Payments to the Budget “(Tax Code) and the Law of the Republic of Kazakhstan” On the Enactment of the Code of the Republic of Kazakhstan “On taxes and other obligatory payments to the budget “(Tax Code)”.

Thus, in accordance with the adopted amendments, new articles 606-1, 606-2, 606-3, 606-4, 606-5 of the Tax Code “Payment for digital mining” have been introduced.

Payers of fees for digital mining will be legal entities and individuals engaged in digital mining (mining of cryptocurrency). The object of payment is the amount of electricity consumed during digital mining (mining of cryptocurrency).

The rate of payment for digital mining will be 1 tenge per 1 kilowatt of electric power consumed in the implementation of digital mining (mining of cryptocurrency). The tax period for calculating digital mining fees is a quarter, tax reporting is not provided.