South Africa Proposes Draft for Cryptocurrency Tax
Cryptovest
Published Aug 08, 2018 06:40AM ET
Updated Aug 08, 2018 08:00AM ET
South Africa Proposes Draft for Cryptocurrency Tax
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...
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