RATE Group | Taxation of Cryptocurrency in Georgia
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Taxation of Cryptocurrency in Georgia

16 Dec Taxation of Cryptocurrency in Georgia

Posted at 08:07h in Cryptocurrency News by

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Georgia is among one of the top cryptocurrency countries in the world; it does not have any legislative restrictions for crypto exchange and, to date, does not require any license for such activity. Also, Georgia provides a high tax certainty and beneficial tax system for businesses involved in the crypto field.

The Georgian Ministry of Finance published a public decision on June 28, 2019 (the decision) regarding taxation of cryptocurrency in Georgia. According to the decision:

  • individuals in Georgia are exempted from income tax on any profit received from selling cryptocurrency;
  • selling cryptocurrency (exchanging it into Georgian or other national currencies) is not taxable by value-added tax (VAT) (applies to both corporations and individuals);
  • selling computing (hash) power from Georgia abroad is not taxable by VAT either. In addition, right on input VAT on such operations is maintained (applies for both corporations and individuals);
  • selling computing (hash) power in Georgian…

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