Foreign data encryption miners may end up with a 30% tax on electricity costs, according to a cost budget proposal by President Joe Ban Ki-moon, which aims to "reduce mining-themed activities."
According to a statement of the cost-filling budget released by the Ministry of Finance on March 9, all companies that apply network resources, whether exclusive or leased, will be taxed at a consumption tax rate equal to 30% of the electricity costs commonly used in the excavation of digital assets.
It makes it clear that the tax will be implemented after December 31 and will be implemented over three years, with a 10% tax rate each year and a maximum tax rate of 30% in the third year.
Password mining will provide for reporting "the amount and type of electricity used and the value of its electricity use".
Mining with the password to get the demand for electricity off the grid is still subject to tax and is required to cover the cost of electricity generated by all "power stations".
On the other hand, the Ministry of Finance declared in the tax payment reasons that the energy consumption of data encryption mining operations "has a negative impact on the surrounding environment," raising the prices of those who share the power grid with these works. it also adds variability and risk to the local community of local utilities.
"imposing an excise tax rate on the electricity consumption of digital asset miners may reduce mining-themed activities and related environmental and other hazards."
In an announcement on March 9th, the White House also confirmed that it was completing reports that it was seeking a tax measure for password transactions that could raise 24 billion dollars.
At this stage, the rules allow password investors to sell digital assets at a loss for tax purposes-the so-called tax damage harvest-and then immediately repurchase the digital currency.
The new rules will bring the tax standards for password trading in line with those of the stock market, but such practices are prohibited under stock trading rules.
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