RAKIB Proposes VAT on First Mined Bitcoin, Allowing Tax Refunds

Russia’s Association of Crypto Economy (RAKIB) advocated for imposing VAT on initially mined bitcoin, granting miners the right to reclaim taxes paid on equipment and electricity. Under this approach, the first sale of coins could be treated as a taxable supply, while subsequent transactions remain exempt. Preliminary figures suggest this plan would enhance transparency and reduce “grey” deals.

Economists note that larger mining firms could generate additional revenue for the state budget, though critics believe smaller operators might face more complex paperwork. At present, systematic VAT reimbursement is unavailable for miners, since their activity is neither officially classified as export nor recognized as a service.

RAKIB presented the concept at a government meeting, predicting extended discussions over the coming months. Association representatives say the measure may significantly lower legal disputes in the industry.