Terra Luna Classic community approves new tax handling proposal, introducing the "Reverse fee" mechanism.

2024-11-03 05:20:35

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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.

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