Australia has officially confirmed it'll treat Bitcoin “exactly like money” from this season and it will not be susceptible to double taxation.
In its budget summary for 2017-18, the government states that included in its intend to “ensure it is easier” for digital currency businesses to work in the country. It'll make certain that nowhere in the supply chain is general sales tax (GST) paid a lot more than once.
“The Government can make it easier for new innovative digital currency businesses to work in Australia,” the summary reads.
“From 1 July 2017, purchases of digital currency will not be susceptible to the GST, allowing digital currencies to be treated exactly like money for GST purposes. Currently, consumers who use digital currencies can effectively bear GST twice: once on the purchase of the digital currency and once more on its use in trade for other goods and services susceptible to the GST.”
Australia has already established a troubled relationship with cryptocurrency regulation until recently. The decision allowing double taxation originally caused several well-known operators to give up the nation in 2014, while innovation has subsequently lagged behind markets where businesses have enjoyed greater freedom.
Innovative fintech deals involving Blockchain have surfaced this season, however, and the tone of the budget extract points to a desire to alter Australia's environment.
“Innovation will drive productivity growth in Australia,” it continues.
“The Government is focused on establishing Australia as a respected global financial technology (FinTech) hub and is announcing a brand new package that aims to put our local fintech industry as a global leader.”
Meanwhile, local business optimism can be seen raising the fullest here.
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