Published on May 29th, 2017 | by bitcoin0
Should Bitcoin Be Taxed? The South African Case
Bitcoin exchanges in South Africa including Luno, one of the most widely utilized trading platforms in the country, stated that Bitcoin earnings are taxable in South Africa.
When trading, the exchange suggested users consult registered tax professionals to ensure that they are compliant with South African regulations.
Should the tax on Bitcoin be eliminated?
Most countries that have fully adopted and regulated Bitcoin such as Japan have eliminated the tax on Bitcoin trading.
In South Africa, however, Bitcoin trading is subjected to general principles of South African tax law.
The South African Revenue Service stated that transactions or speculation in Bitcoin are subject to tax and should be taxed accordingly.