New Zealand Legalises Salaries Paid In Cryptocurrencies!
While the Indian government mulls a ban on cryptocurrencies, the government of New Zealand has gone ahead to take note of the rise in digital assets and make changes to their systems to account these new developments in technology.
New Zealand's tax authority Inland Revenue Department (IRD) has made it legal to receive your salaries in cryptocurrencies and pay appropriate taxes on them!
It is official as it is mentioned in their monthly bulletin here. The ruling will be applicable for 3 years starting from 1st Sept 2019.
Sadly we are yet to see anything remotely close to this in India.
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That is a great news! Will government of india take lesson from it?
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As of now, it seems unlikely. But wait and hold on!
That is awesome! Unexpected, but another step forward!
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waiting for indian goverment to take such a good step.
Great news. Big achievement for crypto community.
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That is to show cryptocurrency is spreading and going all over the aspect of the world
The banks still hate crypto in NZ.
Any crypto transfer that is a taxable event must be recorded at equivalent NZD value for the purposes of tax and tax must be paid in NZD. This is a very small step though.
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Is it illegal to pay in cryptocurrency in most countries?
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Shout out to New Zealand!!