Crypto miners could be exempted from paying taxes in the United States
A new tax proposal submitted to the United States Department of the Treasury by the IRS, establishes the exemption of private miners and companies from paying taxes
The Internal Revenue Service (IRS), a US Treasury department, has released a proposal that could exempt cryptocurrency miners from paying taxes.
Under the IRS tax proposal, mining companies and individual miners would be exempted from this tax obligation. “If approved by the government, the new rules will take effect no earlier than fiscal year 2025” for exchanges and from fiscal year 2026 for brokers.
According to the Treasury department, the document establishes the requirements for cryptocurrency mining companies to submit their reports. It also contains the “tax rules for cryptocurrency exchanges, payment systems and cryptocurrency wallets”.
In the document, of about 300 pages, the definition of “broker” is established, which includes platforms that trade digital assets, payment systems that participate in transactions, some wallet providers and people who regularly offer to buy assets. created or issued by them.
The exemption from paying taxes would be aimed at miners who earn money by confirming transactions on the blockchain. “According to the agency, mining companies are not subject to the law and cannot be considered brokers or intermediaries.”
Discussions on this proposal have started. The Treasury Department and the IRS will hold public comments until October 30, while public hearings are held on November 7 and 8.
M.Pino
Source: noticiascripto
(Reference image source: Kanchanara, Unsplash)
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