DeFi

April

Planet

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 New Zealand’s Revenue Minister, Simon Watts, has<a style="color: #0000ff;" href="https://www.taxpolicy.ird.govt.nz/news/2024/emergency-response-tax-bill-introduced" rel="noopener noreferrer nofollow"> proposed integrating</a> the OECD’s framework for gathering crypto-asset financial information into the national framework.&nbsp;
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The proposed legislation, which is part of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Bill, seeks to align New Zealand’s regulations with the OECD’s Crypto-Asset Reporting Framework (CARF) and updates to the Common Reporting Standard.
If enacted, these changes will mandate that crypto service providers based in New Zealand collect and report detailed information on transactions involving crypto-assets.
The new regulations are expected to take effect on April 1, 2026. From this date, crypto service providers in New Zealand will be required to gather transaction data on reportable users and ensure these transactions are conducted through their services.
A $300 penalty per incident will be enforced on service providers who fail to comply. In contrast, crypto-asset users will incur a $1,000 fine for not supplying necessary information about themselves or associated individuals.
The minister highlighted that the technology underlying crypto assets, especially cryptography, poses distinct compliance challenges for tax authorities. Consequently, tax officials face greater difficulty monitoring crypto-asset income than income from traditional sources.
Similarly, Nigeria’s Federal Inland Revenue Service (FIRS) recently announced<a style="color: #0000ff;" href="https://defi-planet.com/2024/08/nigerian-tax-authority-to-unveil-crypto-regulation-bill-in-september/" rel="noopener noreferrer nofollow"> plans</a> to propose a bill to regulate the cryptocurrency sector by the end of 2024. The FIRS Executive Chairman Zacch Adedeji reportedly noted that the proposed legislation would set guidelines, enhance oversight, address risks, and boost economic benefits.
Adedeji acknowledged the growing importance of cryptocurrency, noting that despite its significance, Nigeria lacked regulatory legislation for it. Senator Mohammed Musa, Chairman of the Senate Committee on Finance, emphasized that cryptocurrency is a major revenue source. He said the proposed bill would introduce regulations to help Nigeria generate funds for infrastructure and human capital development.
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The post <a href="https://defi-planet.com/2024/08/new-zealand-plans-overhaul-of-crypto-reporting-standards-in-proposed-tax-legislation/" rel="noopener noreferrer nofollow">New Zealand Plans Overhaul of Crypto Reporting Standards in Proposed Tax Legislation</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

New Zealand Plans Overhaul of Crypto Reporting Standards in Proposed Tax Legislation

DeFi Planet

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