Shops accepting btc

[Not_original]

Any local or international shops that you have used that accept btc?

 

[Snyper564]

Any local or international shops that you have used that accept btc?

Using BTC to pay for any purchase of goods or services triggers a taxable event, may as well cash out and shop anywhere.

this is why a crypto card is going to be an absolute nightmare as its a taxable event everytime you swipe

 

[Not_original]

How? The sale is not connected to your name is it? Granted the exchange will most likely report the sale, but those are local exchanges. Maybe I'm just being silly here but what's the point in having an unregulated currency which you can't use unregulated

 

[Snyper564]

How? The sale is not connected to your name is it? Granted the exchange will most likely report the sale, but those are local exchanges. Maybe I'm just being silly here but what's the point in having an unregulated currency which you can't use unregulated

This is all covered in the tax act.

You are essentially bartering your crypto for a good or service and it will be done so at prevailing market value.

So if you bought the 1 BTC for R100K and now buy a car for that 1BTC and the car is worth R500k you will pay tax on the 400K profit.

Its easy enough to hide, but hiding it is essentially tax EVASION (Its the same as someone who takes cash as a backyard mechanic and pays no tax and buys from somewhere using the same cash...) not AVOIDANCE.

Same logic applies if you swop a herd of sheep for something of a similar value.

Just cause its unregulated doenst mean it has no value and is not covered by our tax legislation.

 

[Not_original]

This is all covered in the tax act.

You are essentially bartering your crypto for a good or service and it will be done so at prevailing market value.

So if you bought the 1 BTC for R100K and now buy a car for that 1BTC and the car is worth R500k you will pay tax on the 400K profit.

Its easy enough to hide, but hiding it is essentially tax EVASION not AVOIDANCE.

Same logic applies if you swop a herd of sheep for something of a similar value.

Just cause its unregulated doenst mean it has no value and is not covered by our tax legislation.

True neh. Guess I better stay in the straight and narrow as that's one force I dont want pissed off at me

 

[Snyper564]

True neh. Guess I better stay in the straight and narrow as that's one force I dont want pissed off at me

100% you dont wanna get on the wrong side of sars thats why its easier cashing out to fiat and buying anywhere.

 

[The_Mowgs]

This is all covered in the tax act.

You are essentially bartering your crypto for a good or service and it will be done so at prevailing market value.

So if you bought the 1 BTC for R100K and now buy a car for that 1BTC and the car is worth R500k you will pay tax on the 400K profit.

Its easy enough to hide, but hiding it is essentially tax EVASION (Its the same as someone who takes cash as a backyard mechanic and pays no tax and buys from somewhere using the same cash...) not AVOIDANCE.

Same logic applies if you swop a herd of sheep for something of a similar value.

Just cause its unregulated doenst mean it has no value and is not covered by our tax legislation.

Is there a tax avoidance scheme regarding crypto? If you are aware of any holes could you PM me please?

 

[Snyper564]

Is there a tax avoidance scheme regarding crypto? If you are aware of any holes could you PM me please?

Well remember you can offset deductions/expenses linked to income.

Generate profit from crypo, deduct bank fees, data, cellphone etc anything related to generating that income

 

[Jet-Fighter7700]

luno did publish a list of who takes crypto straight,
I think there are quite a few,

but do agree with @Snyper564 , better get your Fiat uno and go with Randelas.

 

[Not_original]

Is there a tax avoidance scheme regarding crypto? If you are aware of any holes could you PM me please?

Just invest it all in MTI and Surtie. Hopefully they issue certificates for losses made during the fiscal year then you can deduct it from your earnings and avoid taxes all together

 

[The_Mowgs]

Just invest it all in MTI and Surtie. Hopefully they issue certificates for losses made during the fiscal year then you can deduct it from your earnings and avoid taxes all together

I already invested a substantial amount in Surtie. Just waiting for the pay out which should be soon.

 

[Not_original]

I already invested a substantial amount in Surtie. Just waiting for the pay out which should be soon.

Well I hope they do issue certificates then. Well all regulated financial instruments that wants to be above board with the laws should. Guess you have received your it3b then already for the past fiscal year