New Zealand is showing its willingness to approach the wider tax and payments systems with a similar pragmatic understanding of the evolving needs of an increasingly digital and decentralized economy. The ruling states that payments in cryptocurrencies must be pegged to at least one cryptocurrency, and discusses the tax implications should cryptocurrencies be used to pay salaries or wages. This is similar to guidance put forth by countries such as Australia and the U.K., though stronger in form. It is a move that will hopefully nudge the remaining Digital 9 countries to take a similar approach.
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