Australia officially canceled bitcoin double taxation next year will no longer pay the goods and services tax

Australia officially canceled bitcoin double taxation next year will no longer pay the goods and services tax

    

From next year, the Australian residents purchase money will no longer need to pay the encrypted goods and services tax (GST).

In October 19th, Parliament passed a new law, long-standing dispute encryption currency “double taxation” has finally become history.

A legal source of Double Taxation promulgated in 2014, the provisions of crypto currency should pay the goods and services tax. The regulations will soon be cryptocurrencies supporters of criticism. Last year, government officials promised to correct this problem.

The Australian Senate committee to assess the economic reference in August this year, the Ministry of Finance in May budget for the first time to solve the problem to the new regulations.

According to Australian media reports, with the new bill, from July 1, 2018 onwards, the implementation of foreign currency bitcoin and the same taxation rules.

The international community will block chain assets tax and regulatory agencies should take measures carried out a lot of discussion.

This summer, the demands of groups will be targeting the United States tax law, and individual states on this issue more aggressively.

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