Iran will exempt miners from paying taxes for withdrawing funds from offshore

The Iranian National Tax Administration (INTA) has offered miners to take advantage of tax holidays and tax exemptions for repatriating foreign savings.

In July 2019, mining in Iran was recognized as a legal industry, therefore, it is now subject to the same taxation conditions as other types of industrial activity. INTA is obliged to follow the general rules established by the Central Bank regarding funds returned to the homeland from offshore companies that are not related to the oil business.

The government is concerned that the cryptocurrency mining industry is associated with a significant outflow of capital from the country. However, local miners argue that this is not so, and 70-80% of their income from their activities is returned to the production cycle.

At the same time, although the cryptocurrency mining business is equated with industry, INTA claims that it does not apply to special tax conditions regarding the location of industrial facilities and their remoteness from large cities.

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In addition to Iran, many other states are actively encouraging the innovation sector to stimulate economic development. For example, in August, the Portuguese Tax Administration confirmed that cryptocurrency transactions and payments in the country are completely tax-exempt.

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