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Crypto Salaries Now Legal in New Zealand
New Zealand’s tax department, the Inland Revenue Department (IRD), has officially made it legal for local workers to receive salaries in cryptocurrency. The ruling will go into effect on September 1, 2019 and will apply for a period of three years. The tax collection agency’s modified Income Tax Act states that employees can be paid in digital assets for any work done under an employment contract. The recipients will have to pay taxes, the IRD’s August bulletin notes. “This Ruling applies only to salary and wage earners, not self-employed taxpayers; and where the crypto-assets being paid: • are not subject ... (full story)
