Australia officially ends double Bitcoin taxation

Australian parliament passes bill to officially remove double taxation of cryptocurrency
20 October 2017   1135

From next year, Australians will no longer have to pay goods and services tax on cryptocurrency purchases.

Thus, this week, both houses of the Australian Parliament passed a Treasury Laws Amendment (2017 Measures No. 6) Bill 2017, that is to eliminate the double taxation of digital currency. The bill now awaits Royal Assent by Australia’s Governor-General, at which time it will become an Act of Parliament.

As detailed, the bill will amend Australia’s tax system, ensuring that digital currency transactions are not subject to two instances of goods and services tax. Previously, Australian users were subject to taxation on both the purchase of digital currency and the use of digital currency for goods and services subject to GST.

The amendments provide that supplies and acquisitions of digital currency are generally disregarded for the purposes of GST. Consistent with supplies of money, supplies of digital currency are only recognized for the purposes of GST if the supply is made in exchange for money or digital currency.
 

The bill’s accompanying explanatory memorandum

Basically, in Australia, digital currency is to receive the same tax treatment as foreign currency in order to "decrease reporting burden on businesses that use digital currency".

Member of British Parliament Wants to Payl Tax in BTC

MP  comments were made shortly after the Ohio government allowed companies registered in this state to pay bitcoin taxes
11 December 2018   12

Eddie Hughes, a member of the UK Conservative Party, said that the state should make it possible to use Bitcoin when paying taxes and utilities. It is reported by The Daily Express.

Eddie Hughes, who represents North Walsall in parliament, calls himself a "crypto-enthusiast with amateur knowledge." According to him, the blockchain technology attracts a lot of attention, and therefore members of parliament "must understand it."

Eddie Hughes also said that he recently met with representatives of the Royal Society for Water Rescue, which accepts donations in cryptocurrencies, after which he came to the idea of ​​making it possible to use Bitcoin when paying municipal taxes and utilities.

It just feels like it gets talked about a lot, wherever you go in the UK, and as MPs we have a duty to understand it. 
 

Eddie Hughes

MP

Hughes comments were made shortly after the Ohio government allowed companies registered in this state to pay bitcoin taxes, which he also reminded in his interview within the publication.