Azerbaijan Starts Taxing Crypto-Revenue
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Azerbaijan is joining a growing number of countries that are levying taxes on crypto-related revenue. The Tax Ministry’s Deputy Director General, Nijat Imanov, said that tax would be calculated on the total profits made by crypto traders on the sale of their coins. If the profit is made by legal entities, the tax will be deemed a ‘profit tax’. Imanov made the comments at Baku’s second Finance and Investment Forum earlier this month.

Implementation of crypto-related taxes is not new, with taxpayers in the US already required to report any income from their crypto trades. For authorities, the main challenge is how to enforce the tax laws, given the secrecy and decentralized nature of cryptocurrencies.

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