CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. New Zealand Updates Virtual Currency Tax Guidance

New Zealand Updates Virtual Currency Tax Guidance

by Mary Swire, Tax-News.com, Hong Kong

16 September 2020


New Zealand's Inland Revenue on September 7, 2020, announced the release of updated guidance on the tax treatment of crypto-assets in New Zealand, including virtual currencies.

The guidance explains that cryptoassets are treated as property for tax purposes. There are no special tax rules for cryptoassets but income derived from selling, trading, or exchanging them is taxable.

The guidance clarifies how ordinary income tax rules apply to cryptoassets to help taxpayers understand their tax obligations.

The guidance, divided into guidance for businesses and individuals, sets out the rules for selling, trading, swapping, lending or mining cryptoassets. It sets out the records that must be kept, how to calculate New Zealand dollar values for crypto-assets, rules regarding calculating income and expenses, and tax filing requirements.

TAGS: individuals | tax | business | value added tax (VAT) | mining | New Zealand

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »