Australian Government Seeks End to Double Taxation of Bitcoin

pitham1

legendary

Activity: 1232

Merit: 1000

Quote from: Amph on March 21, 2016, 02:52:35 PM

i prefer if they tax and regulate it honestly because it mean that average joe will not be scared anymore to use it, regulating mean = not seen as a terrorist tool

True, but regulation with a heavy touch can kill fledgling businesses.
You need to have a sufficiently light touch, so that these businesses are nurtured.

Amph

legendary

Activity: 3206

Merit: 1069

i prefer if they tax and regulate it honestly because it mean that average joe will not be scared anymore to use it, regulating mean = not seen as a terrorist tool

OmegaStarScream

staff

Activity: 3472

Merit: 6129

The Australian government has announced that it will back a legislative solution to tax concerns surrounding bitcoin as part of a broad policy statement on financial technology.

Under current tax guidance in the country, bitcoin is considered a form of barter rather than a form of money. Australian businesses must pay goods-and-services tax (GST) if they sell digital currencies, and can be liable for the tax should they receive them as payment.

This policy has sparked criticism from the startup community in Australia, who argue it creates an unfair tax environment. Last summer, the Australian Senate called for proposals to resolve the problem in a report on digital currencies.

Not a cool move , what do you think guys ?

Topic: Australian Government Seeks End to Double Taxation of Bitcoin (Read 369 times)