New Zealand has ruled that cryptocurrency income is legal. On this occasion, the local tax authorities provided recommendations on how exactly crypto-income should be taxed.
Cryptocurrencies in New Zealand
According to the information in the tax newsletter, New Zealand tax regulators have provided recommendations regarding the taxation of cryptocurrencies. Thus, in the tax newsletter published on July 4th, the New Zealand Department of Internal Revenue summarized the provisions of the public decision adopted in accordance with 91D of the 1994 Tax Administration Act.
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Under new legislation, cryptocurrencies will be equated with fiat money. Accordingly, digital money will also be taxed and controlled by the country's financial regulators. In addition, the bulletin states that taxes will be applied to payments in "cryptocurrencies, which are part of the regular salary of employees and are fixed at a predetermined amount or rate".
Crypto assets have been legalized in New Zealand. Recall that in America they will spend more than 1 billion dollars to develop the blockchain in 2019.
Editor: Godfrid Brower