New Zealand Revenue Agency: It is legal to earn income through Bitcoin and you need to pay taxes

The New Zealand tax authorities have ruled that cryptocurrency income is legal and provides guidance on how to accurately tax. In the tax information announcement issued on August 7, the New Zealand Revenue Agency concluded that the cryptocurrency must be “like money” in order to be taxed according to the public ruling made under section 91D of the 1994 Tax Administration Act. . Specifically, the “Guidance on the Treatment of Income Tax on Encrypted Assets” applies to payments made in encrypted form, that is, part of the employee’s fixed salary, fixed at a predetermined amount or rate, rather than as part of the employee share plan. etc. In addition, it applies only to salaries and wage earners, not to self-employed taxpayers, including service remuneration and bonuses, commissions and gratuities.