The new tax bill proposal from New Zealand involves the new framework created by the Organisation for Economic Co-operation and Development (OECD) for crypto taxes. In particular, the implementation of the OECD’s Crypto-Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS) have been proposed.
New Zealand and the tax bill proposal involving crypto taxes
The Minister of Revenue of New Zealand, Simon Watts, has introduced a new tax bill that involves crypto taxes.
Specifically, it has been proposed to implement the Crypto-Asset Reporting Framework created by the Organisation for Economic Co-operation and Development (OECD) and the amendments to the Common Reporting Standard (CRS).
In practice, crypto service providers will be required to follow new requirements. Among others, these entities will be required to collect information on reportable users operating through their platforms starting from April 1, 2026.
Not only, i fornitori di servizi crypto segnalanti (RCASP) based in New Zealand, will have to communicate the information to the Revenue Agency by June 30, 2027.
All this information will be shared also with the competent tax authorities worldwide, when the reports concern other jurisdictions. The general exchange of information will be completed by September 30, 2027.
New Zealand: user information for crypto taxes is reported by companies
The new proposal signed by Watts in New Zealand could change the entire scenario of crypto taxes.
In fact, the framework essentially provides that the traders who use crypto-exchanges (or other crypto service providers) in New Zealand, will have their transaction data communicated directly to the government.
In practice, the tax agency will be able to have all the data also to calculate the crypto taxes on users’ profits appropriately.
If such a tax bill were to be approved, reporting crypto service providers would have to comply with the aforementioned communication about their users.
Otherwise, that is, if the service providers do not adopt a “reasonable care” to meet the CARF requirements, they could be fined from 20,000 to 100,000 NZD (from 12,000 to 62,000 dollars).
The launch of the stablecoin NZDD
Talking about crypto-exchanges in New Zealand, one cannot fail to mention Easy Crypto, the largest cryptocurrency trading platform in the country.
In this regard, last November, Easy Crypto had launched two products in New Zealand: the stablecoin NZDD and a new crypto-wallet.
With these two crypto products, the company has started to offer a more stable entry into the crypto market.