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SARS’s stance on the tax treatment of cryptocurrencies


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#1 markvorster

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Posted 16 April 2018 - 08:09 PM

The Treatment of Cryptocurrencies is treated the same as shares and any other derivatives such as CFD's.

 

If they held for long term capital appreciation they will classified as Capital Gains Tax, if it is used for speculation purposes the gain or loss will be included in your taxable income.

 

See this article: http://www.sars.gov....urrencies-.aspx

 

If you need any advice, contact me, I have been successful in many such tax objections.

 

Regards

 

Mark Vorster CA(SA)

0848500419

mark@basicsolutions.co.za


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#2 PlatinumWealth.co.za

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Posted 06 April 2018 - 02:40 PM

Full Article: Article

 

 

In South Africa, the word “currency” is not defined in the Income Tax Act (the 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 regarded by SARS as assets of an intangible nature.

 


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