The Australian government has reaffirmed its commitment to put an end to the ‘double taxation’ of purchases made by bitcoin and other digital currencies in the country.
Over a year ago in March 2016, the Australian government, through its Treasury, released a comprehensive policy titled “Australia’s FinTech Priorities’ in a marked effort to boost the local financial technology industry. In it, the government pledged to address the ‘double taxation’ of digital currencies.
‘[We] will take action to prevent the double taxation of digital currencies – we won’t be taxing digital currencies,” stated Australian Treasurer Scott Morrison at the time, in no uncertain terms.
Australian consumers are taxed twice during a transaction related to digital currencies, once for the GST (goods and services tax) on the product and again for the GST levied on the digital currency used for the payment.
“If you pay $4 in bitcoin for a coffee, you will pay 40c GST for the coffee, and 40c again for the bitcoin you used to pay for the coffee,” explained Daniel Alexiuc, CEO of Australian
Read more ... source: CryptoCoinsNews
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