{"id":3720,"date":"2018-02-13T15:51:45","date_gmt":"2018-02-13T13:51:45","guid":{"rendered":"https:\/\/stbb.co.za\/dev2\/?p=3720"},"modified":"2023-05-05T09:47:24","modified_gmt":"2023-05-05T07:47:24","slug":"thought-of-the-week-is-your-profit-on-bitcoin-taxable","status":"publish","type":"post","link":"https:\/\/stbb.co.za\/dev2\/thought-of-the-week-is-your-profit-on-bitcoin-taxable\/","title":{"rendered":"Thought of the Week | Is your profit on bitcoin taxable?"},"content":{"rendered":"<p>With Bitcoin taking centre stage when it comes to cryptocurrencies, one cannot help but wonder how tax legislation will apply to something that governments have no control over and which exists in cyber space.<\/p>\n<p>SARS\u2019 research department seems to suggest that when Bitcoin comes into the \u201creal world\u201d, it will become subject to ordinary tax rules. Therefore, when proceeds are earned on Bitcoin transactions, one should differentiate between income tax and Capital Gains Tax liability. If there is an intention of a short term investment, then the profit may be treated under the normal income tax rules. However, if Bitcoin is held as an asset for several years, then the rules relating to Capital Gains Tax will apply.<\/p>\n<p>Even more uncertainty clouds the VAT treatment of cryptocurrencies when it is held as trading stock. Current opinion is that VAT will apply and that traders must levy VAT on transactions. It has been argued that SARS is unlikely to introduce a separate tax for cryptocurrency, as the income tax laws are comprehensive enough to be made applicable.<\/p>\n<p>Contact <a href=\"mailto:info@stbb.co.za?subject=RE:%20Is%20your%20profit%20on%20bitcoin%20taxable?%20|%20STBB%20Thought%20of%20the%20Week\"><span style=\"color: #e66a21;\">us<\/span><\/a> should you require assistance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With Bitcoin taking centre stage when it comes to cryptocurrencies, one cannot help but wonder how tax legislation will apply to something that governments have no control over and which exists in cyber space. SARS\u2019 research department seems to suggest<\/p>\n","protected":false},"author":257,"featured_media":3155,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":["post-3720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-thought-of-the-week"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Thought of the Week | Is your profit on bitcoin taxable? - STBB<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/stbb.co.za\/dev2\/thought-of-the-week-is-your-profit-on-bitcoin-taxable\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"STBB admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/thought-of-the-week-is-your-profit-on-bitcoin-taxable\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/thought-of-the-week-is-your-profit-on-bitcoin-taxable\\\/\"},\"author\":{\"name\":\"STBB admin\",\"@id\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/#\\\/schema\\\/person\\\/373f5182f1855280e5e0349100867401\"},\"headline\":\"Thought of the Week | Is your profit on bitcoin taxable?\",\"datePublished\":\"2018-02-13T13:51:45+00:00\",\"dateModified\":\"2023-05-05T07:47:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/thought-of-the-week-is-your-profit-on-bitcoin-taxable\\\/\"},\"wordCount\":192,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/thought-of-the-week-is-your-profit-on-bitcoin-taxable\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/gilles-lambert-8649-unsplash-1-1024x683_banner.png\",\"articleSection\":[\"Thought Of The Week\"],\"inLanguage\":\"en-ZA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/thought-of-the-week-is-your-profit-on-bitcoin-taxable\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/thought-of-the-week-is-your-profit-on-bitcoin-taxable\\\/\",\"url\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/thought-of-the-week-is-your-profit-on-bitcoin-taxable\\\/\",\"name\":\"Thought of the Week | Is your profit on bitcoin taxable? 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