img-news

New Zealand tax authority allows wages to be paid in cryptocurrencies

  • Regular
  • Blockchain
  • 2 months ago
  • 53

New Zealand’s tax authority has ruled in favour of salaries and wages being paid in cryptocurrencies, thus becoming the first country to do so.

It will come into effect from September 1 and there are some conditions to it, as long as the payments are in regular, fixed amounts and the cryptocurrency chosen for the transaction has to be of pegged to at least one regular cryptocurrency and to be directly converted in physical currency.

Companies that choose to pay their employees in crypto will be able to deduct tax under New Zealand’s pay as you earn income tax scheme.

 

Source: Smart Trend Team