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3232South African Tax Body Updates Crypto Tax Guidance, Confusion Persists
https://www.digit.info/south-african-tax-body-updates-crypto-tax-guidance-confusion-persists/
Thu, 02 Sep 2021 13:30:06 +0000https://www.digit.info/2021/09/02/south-african-tax-body-updates-crypto-tax-guidance-confusion-persists/Read more]]>In late August, the South African Revenue Service (SARS) released new guidelines that clarify the correct treatment of taxable crypto events. The new guidance, which was published on the revenue collector’s webpage, explains how cryptocurrency-related income should be disclosed in tax returns. Distinction Between Income and Capital Gains Tax As shown on SARS’ crypto-asset tax […]
]]>South African Taxpayers Who Fail to Disclose Income From Cryptocurrency Trading Face Possible Jail Time
https://www.digit.info/south-african-taxpayers-who-fail-to-disclose-income-from-cryptocurrency-trading-face-possible-jail-time/
Thu, 04 Feb 2021 09:20:54 +0000https://www.digit.info/2021/02/04/south-african-taxpayers-who-fail-to-disclose-income-from-cryptocurrency-trading-face-possible-jail-time/Read more]]>According to a report, the South African Revenue Service (SARS) has sent out audit requests to taxpayers asking them to disclose their cryptocurrency trades and purchases. Taxpayers that fail to correctly disclose their income from bitcoin or other cryptocurrencies may be “liable to a fine or imprisonment for up to two years.” SARS Tracking Non-Compliant […]
In late August, the South African Revenue Service (SARS) released new guidelines that clarify the correct treatment of taxable crypto events. The new guidance, which was published on the revenue collector’s webpage, explains how cryptocurrency-related income should be disclosed in tax returns. Distinction Between Income and Capital Gains Tax As shown on SARS’ crypto-asset tax […]
According to a report, the South African Revenue Service (SARS) has sent out audit requests to taxpayers asking them to disclose their cryptocurrency trades and purchases. Taxpayers that fail to correctly disclose their income from bitcoin or other cryptocurrencies may be “liable to a fine or imprisonment for up to two years.” SARS Tracking Non-Compliant […]