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About Crypto market in New Zealand
2019
New Zealand's Inland Revenue Department (IRD) has made it legal to receive salaries in Crypto currency, and to tax them.
The IRD announced a new decision that under the Income Tax Act, an employee's salary can be paid in crypto assets as long as the payment is for services rendered under a contract of employment, is a fixed amount, and is regular as part of compensation.
The crypto assets paid must be convertible into legal tender and must have a primary purpose of functioning as a currency or be pegged to the price of one or more legal tender, the IRD also said.
Salaries paid in crypto assets are subject to a withholding tax (PAYE) system. This means that income tax will be withheld by the employer and paid to the tax authorities.