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Bitcoin trading could be exempt from VAT in South Africa
Treasury has proposed amendments to the Income Tax Act, which aim to define how cryptocurrencies are taxed.
The changes are proposed in the draft Taxation Laws Amendment Bill (TLAB), which proposes to include cryptocurrencies in three areas – the definition of financial instruments of the Income Tax Act, the definition of financial services in the VAT Act, and the ring-fencing of assessed loss provisions of the Income Tax Act.
Treasury has proposed amendments to the Income Tax Act, which aim to define how cryptocurrencies are taxed.
The changes are proposed in the draft Taxation Laws Amendment Bill (TLAB), which proposes to include cryptocurrencies in three areas – the definition of financial instruments of the Income Tax Act, the definition of financial services in the VAT Act, and the ring-fencing of assessed loss provisions of the Income Tax Act.