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Tuesday

27 July 2021

Report: Tweaks to South African Tax Filing System to Result in Decreased Crypto Arbitrage – Taxes Bitcoin News

Report: Tweaks to South African Tax Filing System to Result in Decreased Crypto Arbitrage – Taxes Bitcoin News


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Tweaks to South African Tax Filing System to Result in Decreased Crypto Arbitrage – Taxes Bitcoin News.

Reports from South Africa suggest that tax authorities have plugged a loophole on the online tax filing system that enabled crypto arbitrage traders to make several purchases on overseas cryptocurrency platforms using just one approval.

As the publication Moneyweb’s report explains, some South African crypto traders have been known to “profit from differences in the prices of crypto assets on local and overseas exchanges.” The price differences have ranged between zero and three percent in recent months.

However, according to the report, South African crypto traders can exploit such differences using their nearly $700,000 (10 million rands) annual foreign investment allowance (FIA).

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