The Australian Ministry of Treasury has called for the opinion of Australian citizens regarding a proposed bill on crypto taxation. The Assistant Treasurer, Stephen Jones, made it known via a press release that the Aussie government is willing to exclude crypto from its taxation list. Jones echoed the intention of the government to view crypto as a foreign currency.
Stephen Jones indicated that the development is subjected to a legislative draft. Therefore, if the bill comes into law, citizens of the country won’t be mandated to pay taxes on crypto. The assistant treasurer added that the bill wouldn’t cover capital gains on digital assets.
According to the press release, the bill’s opinion-seeking campaign would last twenty-five days, starting from September 6 to September 30. Within that period, the ministry hopes that enough citizens of the country will have reflected their opinion on the proposed bill.
Upon the bill’s passage, there will be a tweak to the existing description of virtual currency. In the Goods and Services Tax (GST) act, crypto isn’t considered a foreign currency. In Australia, the GST act is comprehensive taxation on goods, services, and items sold or used in the country. The ministry noted that it would include details about correspondents in their responses while publicizing their opinion.
Australia is willing to tap into the opportunities embedded in the crypto sector. The country is emulating the strides of El Salvador by embracing Bitcoin with its open arms. Australia is counting on the proposed bill to attain the height of establishing a favorable atmosphere for the crypto space.
The growing popularity of crypto
The popularity of virtual assets is gradually hitting the international scene. The sector has attracted numerous attention that has incurred investment into the sectors. Countries and regions worldwide are taking positive steps toward embracing the industry.
Recently, a province in Argentina, Mendoza, adopted crypto to get taxes and administrative charges. In its defense, the tax authority of the region stated that the development manifested to encourage citizens to pay their taxes.
The authority added that the latest crypto inclusion would give citizens more options to pay their taxes. Without a doubt, cryptocurrency is gradually finding its feet globally. Governments and international bodies are gradually exploring the best way to explore the crypto industry.
