Culture
Posted:
4 years ago
Government Imposes VAT on Cryptocurrency Mining
Government of Georgia has taken decision on imposing VAT on cryptocurrency mining.
Under the Finance Minister’s decision, a supply of computing speed (power) for cryptocurrency mining will be taxed by VAT.
The decision will apply to Georgia-incorporated bodies or the bodies, who hold an administration place or resident office engaged in cryptocurrency mining.
Under the same decision, cryptocurrency exchange for national or foreign currency will be exempted from VAT, as well as revenues from cryptocurrency supply will be exempted from incomes tax.
“Cryptocurrency mining requires special equipment and software, access to internet. Along with other factors, this activity requires corresponding computing speed and power”, the Minister’s decision reads.