New Zealand is currently in the process of reviewing its tax system, with a Tax Working Group established to consider the current system, potential changes, and make recommendations to Government.
The Tax Working Group presents a great opportunity for the blockchain and cryptocurrency community to provide input and guidance on how New Zealand’s tax system should treat these new technologies.
Voice for Crypto is preparing a submission to the Tax Working Group on behalf on NZ’s blockchain and cryptocurrency businesses and users.
Key questions that we will be looking at as part of our submission include:
- Is the current categorisation of cryptocurrency as ‘property’ the correct approach? If not, what would be a better classification and what are the appropriate tax treatments for these products?
- Do there need to be different approaches depending on the nature of the cryptocurrency/token? What about hard forks?
- How does the current GST treatment align with taxation principles around equity and efficiency? Should cryptocurrency be classified as GST-exempt or zero rated?
- How might blockchain technologies provide ways to improve tax reporting and compliance?
Want to get involved and have your say on the submission? Come join us.
