New Zealand Tax Office Makes It Legal to Pay Salaries in Crypto (1 Viewer)

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Laron

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This is a major move ahead, and positive move of course, for cryptocurrencies.

CoinDesk published this earlier this week:

"New Zealand’s tax office, the Inland Revenue Department (IRD), has made it legal to receive salaries in cryptocurrency, and be taxed accordingly.​
In its August bulletin, the agency published a new ruling under the Income Tax Act (in relation to section RD 3) that states that an employee can be paid salaries in crypto assets as long as the payments are for services performed under an employment contract, are for a fixed amount and form a regular part of the employee’s remuneration.​
The crypto asset being paid must also be able to be exchanged for fiat currency, and must have the primary purpose of acting like a currency or be pegged to the price of one or more fiat currencies, the IRD states."​

While I don't personally think it's a good idea to have your wages come right into your bitcoin or ethereum accounts because of the instability in the markets, later on things will be more stable and this will likely become a more popular thing to do.

I'm not aware if other countries have done this, but New Zealand tends to do some things first and has been known as a testing ground for other countries to study the results of.
 

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