Is GST Tax going to catch up with Crypto in New Zealand?

  • Should different types of crypto-assets have different GST treatments, or should a broad definition of crypto-asset be developed to exclude all types from GST?
  • How should a crypto asset be defined?
  • How should GST be removed from supplies of crypto-assets? Should the same GST treatment apply to supplies to residents and non-residents?

Cryptocurrencies

1. Should different types of crypto-assets have different GST treatments?

  1. Create a token classification framework and deeming rules.
  2. Create a broad definition of crypto-assets to exclude them from GST and financial arrangements.

Create a token classification framework and deeming rules

Create a broad definition of crypto-assets to exclude them from GST and financial arrangements.

2. How should a crypto-asset be defined?

Utility Tokens

Security Tokens

Fungible Tokens

Non-fungible Tokens

How similar countries are treating crypto

Is it possible to create a definition?

3. How should GST be removed from supplies of crypto-assets? Should the same GST treatment apply to supplies to residents and non-residents?

  • Making all supplies of crypto-assets not subject to GST: this would mean that supply of crypto-assets would have the same treatment as the supply of money, which is not subject to GST.
  • Making supplies of crypto-assets to New Zealand residents exempt from GST and supplies to non-residents zero-rated: Under this option, the crypto-assets supplies would have the same treatment as financial services.

What happens with other services related to crypto-assets?

Application date

Crypto GST Tax: Conclusion

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Software Developer 👨‍💻 from #ARG 🇦🇷 living in #NZ 🇳🇿. Crazy about #Blockchain and #Bitcoin. #iOSDev & #Youtuber (Spanish): bit.ly/2O2xI7Y

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sheinix

Software Developer 👨‍💻 from #ARG 🇦🇷 living in #NZ 🇳🇿. Crazy about #Blockchain and #Bitcoin. #iOSDev & #Youtuber (Spanish): bit.ly/2O2xI7Y

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