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Tax obligations for Bitcoin trading

Posted 4 April 2016

Shark says:
3 April 2016 at 19:16

I intend to purchase Bitcoin internationally and trade locally for ZAR. Do I need to factor in duties and VAT for the purchases, and if so how much will the duties be and I assume VAT will be 14%?

TaxTim TaxTim says:
4 April 2016 at 8:15

The treatment of Bitcoin for tax purposes is still very new and needs to be addressed by SARS still. We suggest speaking directly to SARS to work out the VAT implications.

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