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Author Topic: [2018-04-10] South Africa to Tax any Activity Related to Cryptocurrencies, Such  (Read 17 times)
Vladdirescu87
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April 10, 2018, 06:15:16 PM
Last edit: April 10, 2018, 06:38:42 PM by Vladdirescu87
 #1

South Africa to Tax any Activity Related to Cryptocurrencies, Such as Bitcoin

The South African Revenue Service (SARS) announced in a statement on Friday, April 6, the new tax treatment of digital currencies, obligating citizens to declare any income from trading as well as mining. Disobedience will cost interest and penalties.

"While not constituting cash‚ crypto-currencies can be valued to ascertain an amount received or accrued as envisaged in the definition of ‘gross income’ in the Income Tax Act," Friday’s statement said.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/south-africa-to-tax-cryptocurrencies/


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April 11, 2018, 07:24:20 AM
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Ok, so they do not recognize it as a currency, but they do acknowledge that it is a tradable commodity and Capital gains should be paid on any income that were derived from those trades. <more or less what the US and other countries are doing>

I am glad that another country are making good political decisions regarding Crypto currencies and not simply banning it like China and India. I will surely support countries like this, by visiting them and spending some coins at merchants that accepts Bitcoin and other Crypto currencies. <Bitcoin tourism>  Grin

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