A trader on Taiwan’s MaiCoin Max cryptocurrency platform has won the nation’s monthly tax receipt lottery for 10 million NTD ($310,000). The “Uniform Invoice Lottery” mandates that merchants with a specific level of revenue give customers an official receipt that also serves as a lottery ticket number. The tax authorities receive a digital copy of the receipt as well. They then conduct a monthly drawing for cash rewards, with the top prize being 10 million NTD ($310,000).
Since every deal made on MaiCoin’s platform generates taxable profit and service fees, it is subject to this lottery system. MaiCoin is Taiwan’s largest cryptocurrency exchange. Top traders on the platform might have a lot of virtual receipts as a result, raising their likelihood of winning the lottery. The goal of the 1950s-era initiative was to encourage tax compliance by incorporating the public in the enforcement process. This approach might provide a solution for tax administrations around the world who are having trouble collecting taxes from the crypto market.