New Zealand is a promising player in cryptocurrency regulation. The country has a moderate tax base and no licensing for transactions with crypto assets since they are assigned to securities.
New Zealand is a promising player in cryptocurrency regulation. The country has a moderate tax base and no licensing for transactions with crypto assets since they are assigned to securities.
New Zealand has a minor danger security level, according to our rating. Jurisdiction has 52,9 points (from 100) for safety level in Numbeo crime rating (1). Homicide level (2) is 2,6 per 100,000 inhabitants a year. Story of firearm-related death (3) 1,24 per 100,000 inhabitants a year.
No data.
New Zealand's Inland Revenue Department has made(4) it legal to receive salaries in cryptocurrency and be taxed(4¹) accordingly. (August 2019).
The Financial Markets Authority (FMA) is responsible (5) for regulating financial products in New Zealand, and the Financial Markets Conduct Act 2013 (FMCA) is the principal piece of legislation regulating financial products. The primary purposes of the FMCA are to promote the confident and informed participation of businesses, investors, and consumers in New Zealand's financial markets and to promote and facilitate the development of fair, efficient, and transparent financial markets.
Offers of financial products in New Zealand are regulated by the FMCA and regulations made under the FMCA (the Regulations).
Definition of crypto assets by local tax office (IRD)(6)
Virtual currencies are regulated(7) by the FMCA only to the extent that a particular virtual currency meets the definition of one of these categories of financial products. The FMCA sets out a hierarchy of financial products, such that a virtual currency that would prima facie satisfy the definition of more than one financial product category will default into only one category.
Types of VASPs(7¹) according to Department of Internal Affairs(8) NZ
Binance New Zealand Donates Over $250K To Support Dave Letele’s BBM Auckland Flood Relief Efforts(9)
Because most legislation in New Zealand is technology-neutral, no legislation specifically regulates cryptocurrencies in the country. However, tax and contract laws apply. The Inland Revenue Department (IRD) declared that cryptocurrencies would be treated as property beginning(10) in 2018.
Tax name | Index |
PIT tax Min | 10,5 |
PIT tax Max | 39 |
Corporate tax (CIT) | 28 |
Min Individual CGT (for crypto) | 10 |
Max Individual CGT (for crypto) | 39 |
Wealth tax Min | 0 |
Wealth tax Max | 0 |
Headline CIT rate is 28%, according to PWC(12).
The headline PIT rate is 39% based on PWC(12).
New Zealand does not have a comprehensive capital gains tax. However, capital gains derived by a company will generally be taxed as dividends on distribution to shareholders, subject to certain exceptions (10% - 39%) by PWC(12).
1)Safety Index by Country 2023 Mid-Year
2)List of countries by intentional homicide rate
3)List of countries by firearm-related death rate
4)New Zealand Tax Office Makes It Legal to Pay Salaries in Crypto. Article
4¹)Tax information. PDF file
5 and 7)Virtual Currency Regulation: New Zealand. Article
6)He aha ēnei mea ngā rawa whiti-rangi. What are cryptoassets? Article
8)Te Tari Taiwhenua | Department of Internal Affairs. Article
9)Binance New Zealand Donates Over $250K To Support Dave Letele’s BBM Auckland Flood Relief Efforts. Article
10)An overview of the cryptocurrency regulations in New Zealand. Article
11)Financial Service Providers Register. Article
12)Overview. PWC
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