BAKU, Azerbaijan, June 24
Trend:
President of Kazakhstan Kassym-Jomart Tokayev signed a law envisaging the introduction of fees for digital mining in the country, Trend reports with reference to the president's press-service.
"The president signed the Law of the Republic of Kazakhstan "On Changes 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 Mandatory Payments to the budget” (Tax Code)," the message says. “This law contains the provisions on mining tax in Kazakhstan.”
Chapter 69 of the Tax Code will be supplemented with paragraph 11 - "Payment for digital mining".
The following norms will appear in the code:
"Article 606-1. General provisions
1. Payment for digital mining is charged for the volume of electricity consumed in digital mining.
2. The authorized body in the field of information security, on a quarterly basis no later than on the 15th day of the second month following the reporting quarter, submits the information about the payers to the authorized body. Article 606-2. Payers of the fee are digital miners."
The payment is planned to be set at the rate of 1 tenge ($0.0023) per 1 kilowatt-hour of electric power which is consumed during digital mining. The tax period for calculating the fee will be a quarter.
The amount of the fee is calculated by the payers of the fee proceeding from the actual volumes of electric power consumed during digital mining and the established fee rate."
The deadline for the introduction of new norms into force is from January 1, 2022.