Iran tax authority comments on possible exemption for crypto miners

Posted 12 September, 2019

Following the launch of taxes on cryptocurrency miners, Iran's tax authority unveiled new information saying that miners can be exempted from taxes only if they return overseas income to Iran. 

According to the Iran National Tax Authority, miners have got the same option as oil exporters in the country.

The authority stated that cryptocurrency mining activities must be subject to taxes like any other industrial operations in Iran. As a result, it would be reasonable to apply the common policies to this segment in terms of repatriation of foreign income followed by the Central Bank of Iran.

At the same time, local miners see no reasons for concerns about possible capital outflow. The representatives of the sector said that they invest about 70-80% of overall income in production.

For reference, cheap electricity in Iran has created a good environment for crypto mining activities in the country. However, Tehran decided to close this gap suggesting that miners may source electricity at export prices.

Moreover, cryptocurrency mining was classified as an industrial production activity this July, though cryptocurrencies failed to get the status of a legal payment means.

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