OrbitLabs, a blockchain development company, has proposed a review of a new “Reverse Charge” tax system for Terra Classic. The tax mechanism aims to simplify tax handling on the blockchain by deducting taxes from the recipient rather than the sender. If the community approves, OrbitLabs will review the system’s reliability and security before full implementation.
The new Reverse Charge system aims to eliminate the need for tax management on the blockchain by automatically charging tax from the transaction recipient. OrbitLabs has pointed out that the community must approve the process in six days before the review can proceed. The group is applying for pay per job (PPJ) with a remuneration of $2,500 USD, payable in LUNC once the job is done.
Potential benefits of the Reverse Charge mechanism include simplifying tax procedures, removing the need for senders to calculate and attach additional fees, and improving user experience. Initial testing on Terra Classic’s rebel-2 testnet suggests the Reverse Charge system may be efficient and backward-compatible.
OrbitLabs has outlined a two-week timeline for the proposed review if granted approval. The team plans to review and verify the Reverse Charge code’s security and functionality in the first week, followed by fixing and updating tests to ensure compatibility with Terra Classic’s latest SDK version in the second week.
The Terra Luna Classic price has been on a bullish momentum with the price trading at $0.00009364, a 1.97% surge from the 24-hour low. Kelvin Munene Murithi, a distinguished writer with expertise in crypto and finance, notes that the LUNC price could be on the verge of a 207% rally accompanying the Reverse Charge tax mechanism approval.
