New Zealand authorities have put forward a proposal to waive the application of the tax on cryptocurrencies. The news appeared on the official website of the government. Perhaps now there is no need to pay a double tax on services and goods. They refer to the rapid development of cryptocurrency. Digital income is not called an investment, which makes it impossible to apply the current laws to them.

Tokens and cryptocurrencies are listed in the property category and are taxed at 15%. After that, users pay income taxes. Such pressure on the emerging cryptocurrency market is unacceptable. Companies cant stand the additional fees and leave the market. Cryptocurrency is the newest asset to be supported. The government intends to abolish the service and purchase tax. The bill applies to both large and small cryptocurrency owners. The IRS is ready to support the initiative. Digital currencies will not be taxed. It is necessary to consider the proposal in accordance with the law. The department is waiting for feedback from people on the proposal and is ready to discuss the details. The final decision on the abolition of taxes will be announced on April 9.