Published: 31.03.2022
Article reading time:
1 minute.
The regulatory authorities of Kazakhstan closed mining farms that enjoyed tax incentives as innovative companies.
A member of the Accounts Committee for Control over the Execution of the Republican Budget of Kazakhstan (SKKIRB) Akylbay Ibraev spoke about mining companies with tax benefits. According to him, such legal entities are still applying for tax benefits under the Digital Kazakhstan program, but in fact they are not eligible to participate in this program:
“The analysis and control over the companies was carried out formally, because of this, the objectivity of their achievements is difficult to assess objectively. For example, on the basis of the Astana Hub organization subordinate to the Committee, or, in other words, the International IT Technopark, investment projects are registered that are engaged in the mining of cryptocurrencies, which is not related to the main goal and objectives of the park.”
To date, five mining farms have been discovered. Their profit for the last reporting quarter amounted to 8.5 billion tenge ($18.2 million). At the same time, Ibraev himself admits that, in fact, there are no restrictions for the operation of mining companies in technoparks:
“Today, there are no restrictions in the law for the operation of farms in technoparks, so this is the situation. Based on the results of our audit, a recommendation was made to the government to improve legislation in this area.”
It was recently reported that as a result of preventive measures taken in Kazakhstan, 55 mining farms voluntarily ceased their activities.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
