SARS proposes new tax rules for cyptocurrency holders in South Africa

[Luis]

New tax rules for people with cryptocurrency proposed

The South African Revenue Service (SARS) has published its Draft Guide to the Taxation of Crypto Assets, with proposed rules on the tax consequences of working with cryptocurrencies.

“The guidance is based on currently available information on crypto assets,” SARS stated.

 

[Bliksis]

Is this a new development?

 

[Snyper564]

Is this a new development?

had a quick look, this is basically all the information in one document. doesnt look like anything has changed

 

[Snyper564]

SARS: Hey, South Africans are making good money, let's put a stop to that.

lol its not a stop to it its just paying your due tax...

Doesnt matter whether you selling rocks or BTC for profit...

Dont get me wrong hate paying tax its just what needs to be accounted for if you make profit...

 

[Bliksis]

had a quick look, this is basically all the information in one document. doesnt look like anything has changed

So another regurgitation. Lol

 

[Snyper564]

So another regurgitation. Lol

well not exactly.

People are lazy and dont want to get tax advisors where large sums are at play this details everything so there is no more "grey"

 

[wingnut771]

Didn't bother reading it, just came here to hear the experts.

 

[Bad Ballie]

lol its not a stop to it its just paying your due tax...

Doesnt matter whether you selling rocks or BTC for profit...

Dont get me wrong hate paying tax its just what needs to be accounted for if you make profit...

Agreed, but it still leaves a bad taste in one's mouth, although I do understand why things need to be so complicated as well.

 

[MrGray]

There’s nothing new here at all.

 

[Snotface]

If there is nothing about unrealised gains then that is fine by me.

 

[SeekoeiD]

SARS is hunting for revenue:

https://twitter.com/x/status/2073655723595014254

 

[Swa]

If you decide to take a crypto asset you were holding as a long-term capital investment and treat it as trading stock (for active trading), you trigger a deemed disposal at market value for CGT purposes.

Swapping one crypto asset directly for another is treated as a barter transaction, and the tax consequences occur at the time of the exchange.

How do they know your intention unless you actually sell? That means you'll be triggering a tax event in any case. Also there is such a thing in the market of trading a like for like asset and not triggering a tax event which is not accounted for here.

In fact there is just as much clarity here as in the Hartbeespoort dam. Nothing new here and it would still have to be sorted by the courts.

 

[biena]

In fact there is just as much clarity here as in the Hartbeespoort dam.

Dude ! that was awesome. it smells the same also.