The Australian government finally and conclusively provided a legislative end to the double taxation of Bitcoin and other criptomoedas. The bill will be applied retroactively to July 1 this year, as promised earlier this year.
The bill ends the practice of taxing the purchase of Bitcoin and other crypto-coins, in accordance with the Australian tax on goods and services (GST). The release regarding the end of the double taxation standard included the following:
"Today, consumers who use digital currency can effectively pay the GST twice: once in the purchase of the digital currency and, once again, their use in exchange for other goods and services subject to the GST. Australians no longer charge the GST for digital currency purchases, allowing it to be treated in the same way as physical money for GST purposes. "
The current Australian government hopes the project will open doors to higher levels of Fintech investment in the country.
As the Chinese government moves to crack down on ICOs and crypto-coins, the Australian government is seeking to embrace tidal change in the financial world.
setembro 20, 2017
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