In New Zealand there has been a real revolution, in fact as reported by the Tax Information Bulletin and published from the Inland Revenue Depertement (Tax Agency) has provided that starting from September 2019, XNUMX the wages and salaries of employees, who so wish, must be paid in cryptocurrencies. This decision, New Zealand became one of the first states in the world to implement a very precise regulatory framework and also to provide the ability to pay wages in cryptocurrencies.
According to what was stated by the New Zealand commissioner of Inland Revenue, this decision was made because the qualities provided by cryptocurrencies can be considered for all effects a form of payment. Despite having the legal status of ownership, and not of money, however these currencies can be converted into FIAT and therefore can be used as a payment method. Employees who choose to pay in cryptocurrencies can at any time transform them into traditional coins such as dollars, pounds or euros. Moreover, digital currencies being considered a valid means of payment, are subject to taxation, with a rate equal to 33%.
New Zealand citizens may have the payment of your fees in cryptocurrencies but only if they choose to submit to some specific constraints that have been placed by the Wellington Revenue Agency. This solution cannot be used for example by self-employed workers who cannot ask cryptocurrency payment, but only by employees.
Also, after getting it payment in digital currencies, employees cannot maintain digital currencies for a very long time but must be converted immediately to New Zealand dollars. Finally, the payments of the fees will have to be made in cryptocurrencies that can be easily and easily converted without problems in Fiat currencies. The taxes must then be applied always as required by New Zealand law with the reference rate.
The document emphasizes Bitcoin among the payment currencies as an example, this cryptocurrency is cited countless times, which seems to institutionalize this more as a digital currency and define it as one of the most important in the world.