Terra Luna Classic Community Approves New Tax Proposal To Simplify Blockchain Tax System

According to Odaily, the Terra Luna Classic community has voted to approve a new tax 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 utilize the system. The new 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, providing convenience for both developers and end-users. In this system, taxes are deducted directly from the transfer amount, so DApp and interface developers do not need to manage complex tax processes. The new tax system also supports backward compatibility, allowing DApps to continue using the sender-based tax handling as needed.