February 25, 2020 New Zealand to stop applying goods and services tax to cryptocurrencies.

New Zealand’s tax authority, the New Zealand Inland Revenue Department (IRD), in a newly published policy issue paper, noted that it will no longer apply goods and services taxes to cryptocurrencies, acknowledging the situation as unfavorable: “The current GST rules provide an uncertain and variable GST treatment making, using or investing in crypto-assets less attractive than using money or investing in other financial assets.” Instead, the IRD is considering whether crypto-assets should have different tax treatments depending on how they are used.