Crypto service providers who fail to take “reasonable care” to comply with the requirements could be fined between 20,000 and 100,000 New Zealand dollars ($12,000 and $62,000).
The Minister of Revenue in New Zealand submitted a new proposal to implement the crypto-reporting framework created by the Organisation for Economic Co-operation and Development (OECD).
On Aug. 26, New Zealand’s Minister of Revenue, Simon Watts, introduced a new bill called “Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures).”
Within the bill, Watts proposed confirming annual income tax rates, tax relief measures, the implementation of the OECD’s Crypto-Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS).
