How to tax crypto: treat it like cash?

IRD says when it comes to GST, cryptocurrences are just like money, but has more work to do. (Image: Deposit Photos)

Fri, 17 Sep 2021

The government is edging into the largely uncharted territory of the tax treatment of cryptocurrencies with a move to define their place in GST regulations, but officials say wider work on tax implications is ongoing.The Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill recently tabled in Parliament proposes taking a neutral position on crypto in relation to GST to allow innovation. However, papers released with the legislation show tax officials still hold concerns over the illegal use of cryptocurrencies and their implicatio...

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