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Author Topic: [09-04-2018] South Africa Introduces New Cryptocurrency Tax Law  (Read 31 times)
bitzamp.com
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April 09, 2018, 01:21:51 PM
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South Africa‘s tax authority have urged citizens to report their cryptocurrency gains as part of their taxable income.

The South African Revenue Service (SARS) on Friday released a statement covering South African cryptocurrency tax laws. The statement obliges taxpayers to declare their cryptocurrency gains and losses as part of their capital gains tax as well as any income derived in cryptocurrency as income tax.

In the statement, SARS said:

“The onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year in which it is received or accrued. Failure to do so could result in interest and penalties.”

The agency explains that while cryptocurrencies are not regarded as a legal tender by the South African government, income accrued from cryptocurrency transactions can be taxed on revenue account under “gross income” as they are regarded as “assets of an intangible nature.”

Read More: https://bitzamp.com/south-africa-introduces-new-cryptocurrency-tax-law/
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gabbie2010
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April 10, 2018, 05:57:31 AM
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I also read a news article that SARS has held talks with a tech company offering a  transaction tracking solution for it with a sole aim of detecting individuals who fails to voluntarily declare their cryptocurrency gains for taxation.
In my opinion SARS is taking this issue too far yet they haven't recognized crytocurrencies as a legal tender consequently this may discourage genuine users of cryptocurrencies in south Africa particularly traders.

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OnlineMoneyMaker
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April 10, 2018, 08:01:40 AM
 #3

On the balance of probabilities, it is more likely an attempt to get voluntary donations from taxpayers. figures reported point to less than 6-8% of the population paying income tax...... so the next step..... now let us track, manage and monitor, what is probably the most sophisticated financial instrument known to humankind...

SARS/SARB would be much better off declaring 0% tax on any crypto related business / transaction operating within the borders of South Africa.... creating an environment that will have multiple spinoffs which could in fact be taxed locally in good old RANDs
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April 10, 2018, 10:25:09 AM
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More more regulations for last times , may be in nearest future we will see full regulated crypto currency laws which will let to many people invest in crypto without any fear.
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