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South Korean Bitcoin miners can deduct electricity costs from crypto tax filings

Crypto miners will be able to deduct electricity costs as business expenses when filing cryptocurrency taxes starting in 2022.
Crypto investors involved in cryptocurrency mining may enjoy a significant tax break when the country’s virtual currency tax regime commences in 2022.According to a report by Pulse News, South Korea’s Ministry of Economy and Finance on Wednesday announced additional details of the country’s impending crypto tax law which included a provision for crypto miners to report operating expenses as tax deductibles.These expenses cover electricity bills with miners needing to prove how much electricity they utilize in their operations.While South Korea is not a major crypto mining hub, there have been reports of a significant uptick in cryptocurrency mining activities in the country. Back in March, local news sources revealed an increase in mining hardware imports especially via Incheon, the country’s

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Źródło: https://cointelegraph.com/news/south-korean-bitcoin-miners-can-deduct-electricity-costs-from-crypto-tax-filings

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