New Zealand proposed to abolish cryptocurrency tax

The country’s tax office is considering the option of regulating digital money according to the same principles as alternative investment products.

The authorities of New Zealand have proposed removing the tax on goods and services from cryptocurrencies. Now in the country, digital money is considered as property, which leads to double taxation. The Tax Administration of the country recognized this situation as “unfavorable,” suggesting that only the income tax be retained.

The department is considering the possibility of controlling cryptocurrencies on the same principles as other alternative investment products. It is proposed to apply the new rules to tokens that perform the functions of securities or currencies. However, for this it is necessary to create a classification of all digital money.

Auckland

Earlier in New Zealand, they were allowed to pay wages in cryptocurrency. This rule applies only to employees. Digital money used for this purpose should not have restrictions associated with immediate spending and should be freely convertible into fiat.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x