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Apr 14, 2018
Cryptocurrency (typified by Bitcoin) is an internet-based digital currency that exists almost wholly in the virtual realm. In South Africa, the word “currency” is not defined in the Income Tax Act (the Act). The 2018 annual budget review indicates that the VAT treatment of cryptocurrencies will be reviewed. Pending policy clarity in. Bitcoin Tax South Africa. Currently, Bitcoin itself is not taxable in South Africa. The South African Revenue Service said transactions or speculation in Bitcoin are subject to the general principles of South African tax law and are taxed respectively. This applies to …
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Date
Apr 13, 2018
The Blockchain Academy provides training and consulting on cryptocurrencies and blockchain technology world-wide. Based in Cape Town, South Africa, we teach attendees about the opportunities that exist and how to use this technology in order to innovate and better prepare for the future. . Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again Because it is the value at which investors realise their investment or transact in
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Date
Apr 18, 2018
Which accounting treatment would provide the most useful information? Recognised as inventory and measured at cost Recognised as intangible assets and measured at cost. You may need to do a voluntary disclosure to the CRA for your Bitcoin holdings. Effective planning is necessary to ensure that you pay only the taxes that you owe. Given the current uncertainty with respect to the tax treatment of Bitcoins, expert legal income tax advice is a necessity. Disclaimer:
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Date
Apr 1, 2018
Statements of Gaap Reference Numbers Interpretations of Statements of Gaap Statements of GAAP Reference Numbers. Statements of GAAP are the exact replica's of relevant IFRSs approved by the Accounting Practices Board (APB). . Jonathan Purnell, an associate designate in the tax team at Norton Rose Fulbright South Africa, says in his blog that, when Bitcoin is bought on an exchange, the value of the Bitcoin – the rand
