New Zealanders Advised To Pay Tax On Crypto Deals Abroad

Law360 (September 8, 2020, 5:04 PM EDT) — Cryptocurrency traders who reside in New Zealand must pay tax on sales or exchanges originating outside the country, the national tax authority said in revised guidelines.

While New Zealand’s government doesn’t need new laws governing cryptocurrency taxation, clarification on taxpayer obligations was needed, Inland Revenue said in guidance published Monday that includes rules for businesses and individuals and explains how income from cryptocurrency is taxed.

Cryptoassets, whether in the form of a virtual currency or another digital asset derived from it, aren’t covered by any special tax rules and currently are treated as a form of property for tax purposes, Inland…

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