A draft of the Joint Order 'On approval of the rules on determination, publication of digital assets value and assets list' (the 'Joint Order') was published on the website of the publicly available legal acts on 19 April 20231.
The Ministry of finance of the Republic of Kazakhstan drafted the Joint Order in order to determine the digital assets value for the purpose of calculation of the taxable income of digital mining pools, digital assets exchanges as well as digital miners.
It is suggested to include the following types of digital assets in which respect the abovementioned information will be provided: Bitcoin (BTC), BitcoinCash (BCH), Dash (DASH), Dogecoin (Doge), EthereumClassic (ETC), Horrizen (ZEN), Litecoin (LTC), Monero (XMR), Litecoin (LTC), Siacoin (SC), Thronix (TRX) and Zcash (ZEC).
The digital assets value will be determined by the State revenue committee of the Ministry of finance of the Republic of Kazakhstan via one of the following methods:
- on the basis of information from the providers of information on the digital assets value;
- on the basis of information from coinmarketcap.com via the following formula:
P = * K, where
P – the digital asset value for the last 24 hours;
Mcap – the market capitalisation of the digital asset in USD;
V – the trading value of the digital asset for the last 24 hours;
K – the market exchange rate set on the last business day preceding the income receipt day.
Throughout its existence the Firm has developed an experienced tax practice. In view of this, in 2005 the tax department was formed. Unlike many consulting companies, GRATA's tax team comprised mainly of lawyers and auditors who have experience of working in the tax authorities. This feature enables us to provide our clients not only correct but practically feasible advice.
- Withholding Tax Refund;
- VAT Refund from the State Budget;
- Corporate Taxation;
- Tax Support and Structure in M&A Transactions;
- Tax Investment Preferences and Tax Planning;
- Taxation of Bank and Financial Transactions;
- Taxation of Subsoil Users;
- Taxation of Non-Residents;
- Taxation of Individuals;
- Tax Due Diligence (Tax Audit);
- Representation and Protection of Interests in the Course of Tax Disputes;
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.