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Crypto Miners in Canada, US Want Greater Tax Status Clarity

May 20, 2022, 8:45 AM

Crypto miners flocking to the US and Canada, lured by their stable business environments and low energy costs, cite a growing concern—the lack of clear tax policies governing their operations.

Mining companies currently have to interpret existing tax laws to guess at how their revenue should be apportioned and how to treat buildings and equipment, for example. They are navigating tax incentives and credits at the local, regional and country levels, including about energy, and the taxation of their profits or gains, said Nicolas Cloutier, partner at the Canadian law firm McCarthy Tétrault LLP.

“Canada and the US could ...