New Zealand Closes in on Crypto Investors Skirting Taxes
Shiva Ganesh
In New Zealand, all income from cryptoassets is taxable, and investors must calculate the New Zealand dollar value of their transactions for tax purposes
Unlike many countries, New Zealand does not have a capital gains tax; instead, profits from cryptoassets are taxed as ordinary income
The tax rate on cryptocurrency income ranges from 10.5% to 39%, depending on the investor's annual income, following a progressive tax system
The Inland Revenue Department (IRD) has mechanisms to track crypto transactions and has requested customer information from exchanges in the past.
Investors are required to report their cryptoasset activity, and failure to do so can lead to penalties and crackdowns on tax evasion.