Georgia to levy VAT on energy for mining cryptocurrency

Business Materials 8 July 2019 19:46 (UTC +04:00)

Baku, Azerbaijan, July 8

By Tamilla Mammadova - Trend:

By the decision of the Ministry of Finance of Georgia, electricity required for the extraction of cryptocurrency will be subject to VAT, Trend reports with reference to commersant.ge.

Those companies that are engaged in mining of virtual currencies and spend a large amount of electricity on it, will will pay for its consumption, while persons individuals engaged in mining individually are exempt from income tax.

A cryptoactive asset is a numerical expression of value, which is developed on the basis of a mechanism of decentralized consensus, without a central issuer and a supervisory authority, and property is confirmed by cryptographic methods.