Australia promulgates the “double taxation” of the special currency


nnThe issue of double taxation in the sale and consumption of the Australian special currency has caused dissatisfaction with the local bitcover community, so last year the government announced plans to make adjustments. At present, the Australian government has proposed a laws and regulations, once the two houses through the written law, you can eliminate the purchase of special currency tax, as a physical currency to treat. And to consolidate Australia’s reputation as a global financial technology center.n
nTranslation: Annie_Xun
The Australian government has proposed a bill to honor the long-term commitment to address the issue of “double taxation” in encrypted money.n
Australianers who now buy or spend an encrypted currency must pay GST, goods-and-services tax. This situation has been criticized by the local local community. In March 2016 the government announced plans to solve the problem, cancel the purchase of Bitcoin tax.n
Now that the budget has been released since the budget has been released over the past few months, the Australian government has proposed another law, if passed, the cancellation of the currency purchase tax will be written into the law. In a September 14 statement, the Australian Finance Ministry said the plan would “consolidate Australia’s reputation as a global financial technology center.”n
The government explained:n
n”The bill will ensure that Australian citizens who buy digital money will no longer pay GST taxes and treat the digital currency in the GST currency tax system, which will be traced back to July 1, 2017, according to the 2017 budget statement day”.n
nThe initiative is part of the Australian financial technology development work, including the promotion of local encrypted monetary ecosystem.n
n”The bill will allow new digital currency innovators to operate more easily in Australia because the government has taken steps to promote domestic employment and wage increases.”n
nIt is not yet clear when to discuss and amend the bill. Australia to implement the bicameral system, that is to say the relevant laws and regulations must first be unanimously approved by the two houses, it may become a national law.n

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