New Zealand Internal Revenue Service plans to abolish consumer services tax on cryptocurrencies

According to CoinDesk, the New Zealand Internal Revenue Service (IRD) is considering changing the way it treats cryptocurrencies by removing the currently controversial Goods and Services Tax (GST). The current system treats Bitcoin and other digital currencies as property, and cryptocurrencies should bear a 15% consumption tax when trading in the country. This may raise the issue of "double taxation" when collecting income tax in the future. The New Zealand Internal Revenue Service called this situation "adverse" and recommended that in most cases the GST on cryptocurrencies be removed and that only income tax be retained.