Iranian Crypto Miners Will be Exempt From Paying Taxes If They Repatriate Overseas Earnings
Main page News, Iran, Mining

Iran's National Tax Administration (INTA) has said the country's crypto miners will enjoy a tax exemption if they repatriate their overseas earnings, local newspaper Financial Tribune reports.

The exemption seems to be similar to the one already applied to oil companies that do not export crude oil.

According to INTA regulation, crypto mining is a taxable activity, and as such, it must follow the requirements set by the Central Bank of Iran in repatriating its overseas earnings.

However, the country's crypto miners believe that the government's concern about this flight of capital is excessive, since, according to them, between 70% and 80% of mining earnings are reinvested in the production cycle.

Mining has become a really profitable business in the country thanks to the low price of electricity. However, the country's deputy energy minister said back in June miners should not enjoy any discount on the electricity bill.

In July Ihodl reported that Iran had legalized crypto mining and the country's government was trying to fit this new activity within its existing regulatory framework.

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