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Author Topic: [2018-08-09] South Africa Proposes Draft for Cryptocurrency Tax  (Read 38 times)
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August 09, 2018, 10:54:50 AM

The South African tax agency has put forward a draft to tax income derived from cryptocurrency.

The South Africa Revenue Service (SARS) has put forward a suggestion to tax  income generated from cryptocurrency trading and operations, TechWeez reported on Wednesday.

The report said the proposal was first introduced in April when SARS announced its plans to tax digital currencies.

SARS said in a statement then:

"In South Africa, the word ‘currency' is not defined in the Income Tax Act. Cryptocurrencies are neither official South African tender nor widely used and accepted in South Africa as a medium of payment or exchange. As such, cryptocurrencies are not regarded by SARS as a currency for income tax purposes or Capital Gains Tax (CGT). Instead, cryptocurrencies are viewed by SARS as assets of an intangible nature.”

According to TechWeez, SARS submitted draft rules on how tax authorities should look at cryptocurrencies in the country. It added that the proposal was met positively by the South African cryptocurrency community because it signals government support for the space.

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