Ethical concerns taxing miners for Covid19
Is this a ground-shaking break up with an unwritten law in taxation?
There is a common-sense of all regulators in the world not to tax the first outcome.
For this, a farmer does not have to pay taxes on his harvest. For sure he has to pay if he sells his goods on the markets but at a low level. You do not pay taxes for fiat money and Bitcoin because these are not supporting markets, without the market is not existing.
So if a state or country raises taxes on a free good with is system relevant how could it be ethically correct cut of revenues on a basic supply. Think about you do not believe in Covid19 do you think it is correct taking away 15% of your income and supply support? in other words, the government is stealing your money.
According to a recent report by a local Russian publication, Kazakhstan’s ministry of economy has proposed a new tax plan requiring crypto mining companies to file an application for registration with the authorities. After registering, the taxpayer must then indicate the 15% tax on their annual tax calculations. The report further notes, “the clause on registration makes the bill unique… the taxpayer working with cryptocurrencies stands apart from the very beginning of filing a tax return.” If you want to raise a mining business keep in mind: Don't tell anyone. Stay away from uncertain countries. Do not build the facility where they have been shipped to. Read the full story here.