Pay your Bitcoin taxes - or SARS may come for you

Why does it single out bitcoin, feels like fear-mongering to get clicks again or that tax consultant to feel relevant.

A more factually accurate title would be; Pay your taxes - or SARS may come for you.
 
Thor said:
Why does it single out bitcoin, feels like fear-mongering to get clicks again or that tax consultant to feel relevant.

A more factually accurate title would be; Pay your taxes - or SARS may come for you.
Click to expand...
Because the focus is bitcoin.

They also have articles focusing on home expenses.

And cashing out pension.

And financial immigration.

And and and.
 
Oh please, they're going to lock people up because they genuinely didn't know, among other things, that they had to declare taxes when they traded BTC for other coins, etc???

Meanwhile, the professional large scale ANC thieves seem to operate with impunity?? I think this is mostly just fear mongering and while they may end up imposing a few fines here and there, the judicial system is not going to throw people in jail because they didn't follow the ever-changing crypto rulings to a T.
 
garp said:
Oh please, they're going to lock people up because they genuinely didn't know, among other things, that they had to declare taxes when they traded BTC for other coins, etc???

Meanwhile, the professional large scale ANC thieves seem to operate with impunity?? I think this is mostly just fear mongering and while they may end up imposing a few fines here and there, the judicial system is not going to throw people in jail because they didn't follow the ever-changing crypto rulings to a T.
Click to expand...
Ignorance of the law is not a defence
 
How to launder money 101.

Buy artworks.

You dont pay inheritance tax, they always gain value, and sars cant touch them.

As easy as that.
 
So he doesn't actually know. This is just more fear mongering. Sars is going down the drain like every other state institution and is a shell of its former self. The ANC never actually thought you need a working collection agency for the money they steal.
 
Speedster said:
Ignorance of the law is not a defence
Click to expand...
But inability to comply is. Sars has made it impossible to comply by not taking the nature of crypto into account. For those who keep saying that it's easy as long as you just keep records just wait till Sars comes knocking and you'll see it isn't the case.
 
I thought SARS was "At your service" Where is the official guideline on cryptocurrency tax? So far just a lot of hearsay from tax experts and idle threats about prison.
 
Swa said:
So he doesn't actually know. This is just more fear mongering. Sars is going down the drain like every other state institution and is a shell of its former self. The ANC never actually thought you need a working collection agency for the money they steal.
Click to expand...
Yip, this is all based on SARS saying they're now going to criminally charge taxpayers even when there was no intent to deliberately break the law - however, this has yet to be tested in court, and I very much suspect it won't hold water.
 
Declare loss when it's not considered capital gains means sars see crypto as personal income, in which case, a loss there can be subject to UIF payout? So what's the definition of crypto according to sars? If it's not like commodity, it's a currency? Even gains in the trading of forex is considered capital gains, how on earth does anyone file crypto?
 
garp said:
Oh please, they're going to lock people up because they genuinely didn't know, among other things, that they had to declare taxes when they traded BTC for other coins, etc???

Meanwhile, the professional large scale ANC thieves seem to operate with impunity?? I think this is mostly just fear mongering and while they may end up imposing a few fines here and there, the judicial system is not going to throw people in jail because they didn't follow the ever-changing crypto rulings to a T.
Click to expand...
Looks like someone is heading to jail..
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter