New Zealand wants to exempt cryptocurrencies from double taxation

New Zealand Taxation may waive goods tax on cryptocurrenciesservices.

GST Issues by ForkLog on Scribd

The document indicates rapid developmentcryptocurrency sector. At the same time, digital assets cannot be unambiguously called an investment product, which makes it difficult to apply the current tax legislation to them.

At the moment, cryptocurrencies and tokens in NewZealandia falls under the «property» and are subject to a 15% tax on the transfer of assets. Later, income taxes are also removed from users. The IRS intends to waive GST on assets held as securities or currencies.

At the same time, they will leave income tax in relation to digital assets.

The agency will accept comments regarding the initiative until April 9.

Recall that last year the Internal Revenue Service recognized the receipt of income in cryptocurrencies by employees as legal and published a guide to its taxation.