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:

  1. 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?
  2. Do there need to be different approaches depending on the nature of the cryptocurrency/token? What about hard forks?
  3. How does the current GST treatment align with taxation principles around equity and efficiency? Should cryptocurrency be classified as GST-exempt or zero rated?
  4. 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.

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