Cryptocurrency mining tax revenues to Kyrgyzstan' s budget continue to decline
The budget of Kyrgyzstan received 46.6 million soms from the cryptocurrency mining tax. Materials of the Ministry of Finance for the first 11 months of the current year say.
This is almost two times less than the revenue for the entire last year — then the cryptocurrency mining tax revenue to the budget amounted to 93.7 million soms.
The Ministry of Finance also recorded a decrease in the receipt of this type of tax based on the results of seven months. As of August, revenue from the cryptocurrency mining tax to the country’s budget in the first seven months of 2024 decreased by 29.7 percent compared to the same period last year.
Recall, the cryptocurrency mining tax rate is 10 percent of the fee for the electricity used. It also includes VAT and sales tax.
