The public was given 25 days to give their opinion on the proposed law.
The Australian Department of the Treasury has asked the public for advice on bills that, if passed, would exempt cryptocurrencies from foreign currency taxation.
In a press release, Deputy Treasurer Stephen Jones highlighted the intention of the Australian government to exclude crypto-currency assets from foreign currency taxation considerations. However, the legislation will not affect the imposition of capital gains taxes on cryptocurrencies held as investments.
The public was given 25 days from September 6 to 30 to give their opinion on the proposed law.
If the law is signed into law, it will change the existing definition of digital currency in the Goods and Services Tax (GST) Act, effectively excluding cryptocurrency assets from the definition of foreign currency. GST is a broad tax levied on goods, services and merchandise sold or consumed in Australia.
The Treasury noted that a respondent’s personal information, including name and address, will be made public unless the respondent opts out in advance.
The decision to exclude cryptocurrencies from foreign exchange is a direct consequence of the introduction of bitcoin (BTC) as legal tender in El Salvador. Australia plans to minimize the potential uncertainty associated with cryptocurrency taxation through this legislation.
Related: Australia’s new government finally signals its stance on cryptocurrency regulation
Mendoza, a province in Argentina, has begun accepting cryptocurrencies for paying taxes and fees. The Mendoza Tax Administration (ATM) said that allowing crypto payments gives taxpayers an additional way to meet their tax obligations. In addition, the move fulfills its own “strategic goal of modernization and innovation.”
Starting August 24, Mendoza residents will be able to use the ATM website to pay taxes with any crypto wallet, including Binance, Bybit, and Ripio. The system generates a QR code based on the cryptocurrency chosen by the end user, which then converts the equivalent amount of stablecoins into Argentine pesos through an unnamed online payment processor.
