Odaily Planet Daily News Terra Luna Classic community has voted to approve a new tax handling proposal aimed at simplifying the tax system on the Terra Classic blockchain. This ‘Reverse Charge’ mechanism changes the way taxes are deducted in transactions, making it easier for developers and users to use the system.
This mechanism will deduct taxes directly from the transaction amount before it is credited to the recipient’s Wallet. This change eliminates the need for the sender to pay additional taxes, bringing convenience to developers and end users.
In this system, the tax is deducted directly from the transfer amount, so DApp developers and interfaces do not need to deal with complex tax management. The new tax system also supports backward compatibility, so DApps can still use the sender’s tax processing as needed.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
