SARS WANTS IN ON CRYPTOCURRENCIES
The South African Revenue Service recently stated that it will not treat cryptocurrencies such as Bitcoin and Ethereum as currencies for tax purposes.
Instead, tax principles will apply to cryptocurrencies as if they are intangible assets.
Despite (because of?) the statement, uncertainty remains regarding the tax consequences of a cryptocurrency gain.
Listen to the interview in the audio below.
This article was first published by 702 on 25 April 2018