News reports in Iran indicate that crypto miners will now become eligible for tax exemption if they reach a decision to repatriate all their overseas incomes. This is according to a report released by INTA (Iran National Tax Administration).
Financial Tribune, the English language news daily stated that INTA had introduced a tax exemption program that was very similar to the one they normally use when dealing with non-oil exporters.
The Iran National Tax Administration apparently considers mining a business that should be taxed, just as the other industries are taxed. For this reason, the administration holds a strong belief that the miners ought to abide by the requirements drafted and instituted by the country’s Central Bank when it comes to remission and repatriation of funds held in overseas accounts.
According to the same report by the Financial Tribune, crypto miners in the country are convinced that the concerns that the government has when it comes to issues related to capital flight are, in fact, inconsistent. Many of the crypto miners who were interviewed for the report stated that between seventy to eighty percent of the revenue they generate from mining-related activities are often injected back into their production processes.
Insight into How Iranians Earn and Mine Crypto
Of the 1,650 crypto users surveyed in Iran, it was established that about twenty-five percent of the bitcoin miners earned between five hundred to three thousand dollars a month working with digital assets. This statistic is based on a survey carried out by Gate Trade, an analytics firm in various Persian Telegram Groups.
A third of the interviewees (35 percent) stated that their main source of income was mining. Fifty-eight percent said that their income was from trading, both through the use of grassroots networks and exchange platforms. The results of this study indicated that the Iranian crypto mining industry continues to experience strong growth as more people become interested in learning more about crypto.
It is also important to note that the crypto market in the country is changing as it starts to shift its focus to local miners and exchanges and from global exchange platforms.