We have found a new home! News of what is moving in the markets, streamed live on Moneyweb fnb web trader iron forex weekday from 12:00-12:15, repeated at 12:45. Taxpayers have to declare cryptocurrency gains or losses as part of their taxable income.
Registered users can save articles to their personal articles list. Sars says the onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year in which it was received or accrued. The growing popularity of cryptocurrencies such as bitcoin and ethereum and the rollercoaster ride some of these have experienced over the past year, have increasingly resulted in questions about their tax treatment in the local context. Sars previously indicated that it was in discussions with some of the top technology companies in the world to enable it to track cryptocurrency trades more efficiently.
Sars said in a statement on Friday. It noted that the existing tax framework could be used to guide taxpayers on the tax implications of cryptocurrencies and that it was unnecessary to issue a separate Interpretation Note at this point. Sars said cryptocurrencies like bitcoin were internet-based digital currencies that existed in the virtual realm. A growing number of proponents supported its use as an alternative currency that could pay for goods and services much like conventional currencies. South African tender nor widely used and accepted as a medium of payment or exchange in the local market.