Skip to content
Real Cryptocurrency Hub

Real Cryptocurrency Hub

Crypto Comeback Pro is an auto trading platform that allows you to invest in the crypto market and start making money right away. Sign Up HERE

  • Home
  • Start Trading
  • English
    • English
    • Español
    • Italiano
    • Polski
    • Svenska
    • Deutsch
    • العربية
  • News
    • Mining
    • Bitcoin (BTC)
    • ATM
  • Guides
  • How To’s
  • Exchange/Wallet
  • Brokers
  • Bitcoin Price Prediction
  • ✉ Contact
  • Home
  • Crypto News
  • Kazakhstan Auditors Target Crypto Miners Exploiting Tax Benefits
  • Crypto News
  • Cryptocurrency Mining

Kazakhstan Auditors Target Crypto Miners Exploiting Tax Benefits

Blaine Matta April 5, 2022 2 min read

Authorities in Kazakhstan have discovered that a number of businesses that were engaged in crypto mining activities were taking advantage of tax benefits that were allegedly not applicable to them. The auditors stated that these crypto companies had registered as ‘innovative companies’ in order to get tax exemptions worth millions of dollars. The auditors were able to identify a number of crypto mining enterprises that were enjoying the tax benefits meant for businesses that are involved in innovations development. A representative of the Accounts Committee of the country, which is responsible for the budget spending, said that this shows that the ‘Digital Kazakhstan’ program has not been implemented properly.

AkylbayIbraevelaborated that the mining enterprises had become residents of the Astana Hub and were getting support for their investment projects related to crypto mining, even though this is not the primary aim of the tech park. According to Ibraev, tax preferences had been granted to five mining farms in the third quarter of 2021, which was valued at 8.5 million tenge($8 million). As per the official, these companies should not be eligible for these tax exemptions. He highlighted that the purpose of the hub is to attract and then launch investment projects related to IT technologies.

However, as it turns out, the mining companies are not doing anything that is against the existing law. Now, amendments have been proposed by the Accounts Committee that can help in avoiding such situations in the future. Ibraev said that they had used the results of their audit for making recommendations to the government for improving the legislation in the area. Furthermore, AskarZhambakin, the Deputy Minister of Digital Development, Innovation and Aerospace Industry in Kazakhstan, said that they could not hold crypto businesses accountable for any losses or damages to the state budget.

He said that these mining companies, along with other enterprises and IT companies, were well within their rights for registering at the tech park. The government official said that the registration rules were being amended for addressing the issue. He clarified that any that any resident of the Astana Hub could rely on the affordable office space, the tax breaks as well as other support. Kazakhstan had become a mining hub last year after an offensive was launched against the mining industry by China. However, the country has also cracked down against the sector in the last few weeks.

The power deficit in Kazakhstan appears to be growing and mining companies have been blamed for this shortage. The financial watchdog of the nation was ordered by Kassym-JomartTokayev, the country’s President, to identify the mining entities operating in Kazakhstan and check their customs and tax documents. The power cuts have affected mining enterprises in the winter months and some companies have already moved to other countries, such as the United States, because of electricity shortages. More than 100 crypto mining companies had been shut down in Kazakhstan back in March and some of these bitcoin mining farms had been operating legally.

Post Views: 323

Continue Reading

Previous: Bank of Spain Warns of Extended use of Unregulated Crypto
Next: Price Analysis of Ternoa (CAPS) and Mines of Dalarnia (DAR)

Related Stories

Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions
2 min read
  • Crypto News

Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions

August 3, 2022
Following a Strong Trend, Lido DAO is All Set to Record a Downward Movement
2 min read
  • Crypto News
  • Price Analysis
  • Trading

Following a Strong Trend, Lido DAO is All Set to Record a Downward Movement

August 2, 2022
Coinbase Obtains Operational License In Italy
3 min read
  • Crypto News
  • Cryptocurrency Exchange / Crypto Wallet

Coinbase Obtains Operational License In Italy

August 1, 2022

Read our disclaimer

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$23,871.00
2.35%
ethereum
Ethereum (ETH)
$1,780.13
4.00%
tether
Tether (USDT)
$1.00
0.04%
usd-coin
USD Coin (USDC)
$1.00
0.17%
binancecoin
BNB (BNB)
$324.70
-0.41%
ripple
XRP (XRP)
$0.377749
1.00%
cardano
Cardano (ADA)
$0.53
0.22%
polkadot
Polkadot (DOT)
$9.21
4.70%
dogecoin
Dogecoin (DOGE)
$0.070791
1.15%
Uniswap
Uniswap (UNI)
$8.82
-0.56%

Recent Posts

  • Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions

    Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions

    Hodlnaut has announced that it has frozen its services for the users. The firm made an official announcement
  • Following a Strong Trend, Lido DAO is All Set to Record a Downward Movement

    Following a Strong Trend, Lido DAO is All Set to Record a Downward Movement

    Lido DAO (LDO) has proven to be one of the top performers in the cryptocurrency industry in the
  • CTproz Review – A Recommended Crypto Broker

    CTproz Review – A Recommended Crypto Broker

    CTproz Review The number of people engaging in online trading continues to rise, and if you don’t want
  • Coinbase Obtains Operational License In Italy

    Coinbase Obtains Operational License In Italy

    One of the top crypto exchanges in the market, Coinbase recently achieved yet another milestone, as it was
  • Central Bank Of Honduras Warns About Crypto Dangers

    Central Bank Of Honduras Warns About Crypto Dangers

    A release was recently published by the Central Bank of Honduras that is aimed at clarifying the institution’s

Start Trading

Categories

Top Posts

  • Former BitMEX CEO Says Ethereum Could Reach $10,000

    Former BitMEX CEO Says Ethereum Could Reach $10,000

    The former chief executive of BitMEX, Arthur Hayes has stated that he expects the price of Ethereum to
  • Steve Wozniak Doesn’t Believe Governments Will Keep on Ignoring Crypto Inevitably

    Steve Wozniak Doesn’t Believe Governments Will Keep on Ignoring Crypto Inevitably

    Bitcoin to Steve Wozniak i.e. the co-founder of Apple Inc. is a phenomenon born purely out of mathematical
  • Spain’s Biggest Crypto Fraud Company, Arbistar, Under Further Scrutiny by National Court

    Spain’s Biggest Crypto Fraud Company, Arbistar, Under Further Scrutiny by National Court

    Initial probe against a crypto Ponzi scheme in Spain i.e. Arbistar leads to strong proof that the firm
  • Credit Is Human Rights. Can It Be Realized Through A Defi Project Named Da Gama?

    Credit Is Human Rights. Can It Be Realized Through A Defi Project Named Da Gama?

    The right to credit is a human right, said Professor Yunus, 2006 Nobel Peace Prize winner and President
  • US Regulator is Looking for Experts to Combat Crypto-Related Risks and Challenges

    US Regulator is Looking for Experts to Combat Crypto-Related Risks and Challenges

    The US Financial Crimes Enforcement Network (FinCEN) is recruiting employees who have experienced in dealing with illicit activities

Archives

You may have missed

Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions
2 min read
  • Crypto News

Withdrawals Have Been Frozen By Hodlnaut Citing Market Conditions

August 3, 2022
Following a Strong Trend, Lido DAO is All Set to Record a Downward Movement
2 min read
  • Crypto News
  • Price Analysis
  • Trading

Following a Strong Trend, Lido DAO is All Set to Record a Downward Movement

August 2, 2022
CTproz Review – A Recommended Crypto Broker
3 min read
  • Brokers
  • Reviews

CTproz Review – A Recommended Crypto Broker

August 1, 2022
Coinbase Obtains Operational License In Italy
3 min read
  • Crypto News
  • Cryptocurrency Exchange / Crypto Wallet

Coinbase Obtains Operational License In Italy

August 1, 2022
  • Kraken
  • OrbitGTM
  • Fxoro
  • KuCoin
  • Huobi
  • Bitfinex
  • PrimeXBT
  • CTmatador
  • DXCBIT
  • PrimeHolders
  • CMC Markets
  • XCGIN
  • Virtual Payout
  • Gamma Capitals
  • Towards Soure
  • CoinsMarkets
  • ArgoTrade
  • Global Solution
  • CTProz
Copyright © All rights reserved. | DarkNews by AF themes.
  • bitcoinBitcoin(BTC)$23,871.002.35%
  • ethereumEthereum(ETH)$1,780.134.00%
  • tetherTether(USDT)$1.000.04%
  • usd-coinUSD Coin(USDC)$1.000.17%
  • binancecoinBNB(BNB)$324.70-0.41%
  • rippleXRP(XRP)$0.3777491.00%
  • cardanoCardano(ADA)$0.530.22%
  • SolanaSolana(SOL)$42.501.16%
  • polkadotPolkadot(DOT)$9.214.70%
  • dogecoinDogecoin(DOGE)$0.0707911.15%
  • UniswapUniswap(UNI)$8.82-0.56%
  • bitcoin-cashBitcoin Cash(BCH)$144.181.69%