Australia Moves to Remove ‘Double Taxation’ on Digital Currency

9 May

For a month starting May 3, The Treasury of the Australian government will be accepting submissions from interested parties to comment on a newly-released discussion paper entitled ‘GST treatment of digital currency’ as part of the 2016-17 Budget.

The Treasury says the government has realized that consumers are ‘double taxed’ when using digital currency to purchase anything already subject to GST – Goods and Services Tax. It added that this treatment may be preventing the use of digital currencies and hindering their further development.


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