CandleFocus LUNC News: Terra Luna Classic Passes Tax Handling Proposal with Reverse Charge Mechanism
2024-11-04
Author: Content Editor
The Terra Luna Classic community has adopted a "Reverse Charge" tax mechanism to streamline transaction taxes on its blockchain. Under this new approach, taxes are automatically deducted from the transaction amount before reaching the recipient's wallet, eliminating the need for senders to pay extra. This update simplifies tax handling and replaces the previous Tax2Gas approach. The system also reduces complexity for developers, as they no longer need to implement intricate tax-handling systems for decentralized applications. The Reverse Charge mechanism eliminates double taxation on smart contracts, making the process fairer and reducing development burdens. This new tax mechanism aligns with community efforts to support Terra Luna Classic's growth and stabilize the LUNC token. Recent token burns and the closure of the Shuttle Bridge demonstrate the community's commitment to creating a sustainable and user-friendly blockchain environment. As of now, Terra Luna Classic is valued at $0.00008206, experiencing a decline in the past day and week.
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