Auditors in Kazakhstan accuse crypto mining firms of exploiting tax benefits.
Authorities in Kazakhstan have found several businesses minting digital currencies that took advantage of tax cuts they were allegedly not supposed to benefit from. Auditors said the crypto firms registered as “innovative companies,” to receive millions of dollars in tax preferences.Auditors in Kazakhstan have identified crypto mining enterprises that were able to enjoy tax benefits normally offered to businesses engaged in innovations development.
Ibraev revealed that five mining farms were granted tax preferences for 8.5 billion tenge in the third quarter of 2021. The official insisted they should not be entitled to the tax exemptions. “The task of the hub is to attract and implement investment projects in IT technologies,” he pointed out. What’s more, according to Kazakhstan’s Deputy Minister of Digital Development, Innovation, and Aerospace Industry Askar Zhambakin, the crypto businesses cannot be blamed for any damages or losses to the state budget.
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