SOUTH AFRICAN GOVERNMENT ISSUES CRYPTO CONSULTATION DOCUMENT

[Bitmart]

Click on the link below to find the article and the link to the document:

South African government issues crypto consultation document

 

[SantaMuerte]

Regulate it and tax it. That’s my opinion. Minimum 45% tax

 

[Pansyfaust]

Regulate it and tax it. That’s my opinion. Minimum 45% tax

Show me on the doll where bitcoin touched you?

 

[JayKay]

Show me on the doll where bitcoin touched you?

Did he get touched on his studio, do you think?



On a serious note. There would probably need to be some regulation for mass adoption to occur. Then regarding taxing it should be taxed as either capital gains or additional income at PAYE rates.

 

[Braducken]

Government definitely needs more money, 500% tax on all bitcoin earnings.

/s

 

[Dom]

Government definitely needs more money, 500% tax on all bitcoin earnings.

/s

Plus more tax to government members who improperly acquire property

 

[h0mer]

@Bitmart you might want to reword this part of Jacques's quote: "Should these new rules by implied "

 

[PandaAttack1]

Well, if it is currency and not a commodity, it should be treated as any other currency right?

 

[Snyper564]

Regulate it and tax it. That’s my opinion. Minimum 45% tax

Why the tax treatment is already set out... Its clear as day!
You buy and sell for speculation its treated as any other income and taxed according to your bracket. I paid my fair share of tax on my XRP profit in the last round.
If you hold for a long period then CGT.

 

[Pansyfaust]

Why the tax treatment is already set out... Its clear as day!
You buy and sell for speculation its treated as any other income and taxed according to your bracket. I paid my fair share of tax on my XRP profit in the last round.
If you hold for a long period then CGT.

The problem is that they tax it as part of income, but the losses are ring fenced--i.e, they do not off set your income, and only apply to the income you'd earn the next tax season.

 

[Snyper564]

The problem is that they tax it as part of income, but the losses are ring fenced--i.e, they do not off set your income, and only apply to the income you'd earn the next tax season.

It is what it is. This isn't the only "trade" to be ring fenced...

 

[rinners]

The problem is that they tax it as part of income, but the losses are ring fenced--i.e, they do not off set your income, and only apply to the income you'd earn the next tax season.

What if you run it through a company?

But anyway I thought it only counts as a profit when you withdraw/use it? Ie as with other investments, for example if I have money in a fixed deposit they can only take tax when the investment pays out.

 

[Pansyfaust]

What if you run it through a company?

But anyway I thought it only counts as a profit when you withdraw/use it? Ie as with other investments, for example if I have money in a fixed deposit they can only take tax when the investment pays out.

Yeah, good luck with them trying to tax my bitcoin in my wallet XD