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Title :  Law firm: South Africa's Bill, to Interfere with the tax Cryptocurrency use
Lasting :   3,40
User :  Goltitilar
Date of publication :   2019-09-29
Views :   589
Liked :   68
Downloaded once :   498

Frames Law firm: South Africa's Bill, to Interfere with the tax Cryptocurrency use

Description Law firm: South Africa's Bill, to Interfere with the tax Cryptocurrency use

A South African law firm he has published an essay on the bill of the tax for cryptocurrency in the country. Cox Yeats attorneys, a Durban firm, argued that the provisions of the tax Amendment Bill, published by the National Treasury in the month of July, is that bad for the digital resources in the industry, according to the local media.

Also read: in Uganda Cryptocurrency Set to Use the Fake Bitcoin plans Surge

Droit ‘Significativement Dissuader’ Nutzung Fitness Crypto

South Africa’, the state Treasury has published the project of the virtual currency on the deed, the on 16. July in response to an increase in public interest in bitcoin and other cryptocurrencies. The law is the country’first attempt at the regulation of the use of crypto-activities were not regulated to a large extent up to now. It includes the proposed changes to both the income tax and the value added tax (VAT.) the law of the cryptocurrency for tax purposes.

and to prevent for the artist;The change, if implemented in its current form in a significant way that the use of cryptocurrency in South Africa, trading and investment,” Wade Ogilvie, a partner of Cox Yeats attorneys, wrote in an article was published in The Sunday Tribune. Changes in tax legislation will be to define cryptocurrencies as for the artists, instruments,” he said. Which puts you in the same category of receivables, liabilities and joint actions.

Ogilvie said that this is for the artists;an effect that in everything,” South African income tax law. Quoted article 22 of the tax law, the “ provides for the determination of the value of undisposed commercial stock to be included in the taxable income.” He also stressed another section of the same act, in particular, the financial instruments includes, for this purpose.

and for the artist: "This means that those who trade in the cryptocurrency, you can no longer benefit from the appreciation of their undisposed cryptocurrency with the method of valuation in accordance with article 22,”  Ogilvie, he said.

and for the artist;The change can also fintech stifle investment companies in South Africa section 11D of the income Tax Act, which placed a premium on companies that invest in research and development in South Africa, in particular, the creation or development of financial instruments includes. This includes companies that develop, extract or to the crypto currencies belong to.”

Croissance Kryptogeld Adozione

Bitcoin adoption is increasing significantly, in South Africa, in recent years, although the legal issues, and the drop in cryptocurrency prices. The country, Africa’s most advanced economy, has recently launched its first bitcoin welcomed ATM and it is always;as the highest in the world for the research and for the interest and for the artists, bitcoin,” which, according to Google Trends.

The controllers are in most of the States, careful in their approach to cryptocurrency, how to avoid the outbreak of domestic stampede in a technology that could change the face of the industry the global financial system to try. The South African Reserve Bank, the country’s Central Bank, warned that cryptocurrency isn’t “ is the legal means of payment.”

The taxpayers of the country, &for the artists, required not only for their relationship of profit and loss,” the inclusion of transaction-properties of the encryption. The South African tax-controller, and then, for the artist, the intention of the taxpayer in determining whether the income from capital or income in the form of benefits in kind.”

A Bad Law

Ogilvie said that the law try to design, add, and artists;the purchase or sale of any cryptocurrency” a portion of the current income tax law, and for the artists, the rate of ring-fencing the losses of certain occupations.” not to neglect even in This case, the digital currency investors.


Even if the taxpayers, the trade cryptocurrency be able to compensate for their estimated loss of income from this business, there can be no set-off) of them assessed against the loss of income by other trades.

The bill proposes to amend the provisions in the area of VAT, among other things, the definition of &for artists, and financial services”, as &for the artists and the exhibition, acquisition, gathering, acquisition, the sale or transfer of the properties of cryptocurrency.”

&for the artists, As the cryptocurrency is not legal, the TAX, the sellers are fully deductible, with the supplies that they accept cryptocurrency as a form of payment will not be able to resell, the cryptocurrency, and we all of the input VAT, which is as a provides for a mixed supply,” Ogilvie explains. and for the artist, Therefore, only a part of the VAT will be deducted.”

He said that in its current form, the draft Amendments to the tax legislation and the artists, to hinder the investment, rather than to promote it. The use of crypto currencies to rise, and it may be that the (the) Treasury, and the Reserve Bank, they are forced to question too early.”

What do you say to the proposal of a cryptocurrency tax law in South Africa? Please let us know in the comments below.

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