Welcome to Crypto market(New Zealand Dollar) in New Zealand
Bitcoin Local Market Price Comparison
Etereum Local Market Price Comparison
About Crypto market in New Zealand
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.