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.

The Money Show’s Bruce Whitfield interviewed Ruaan Van Eeden, Managing Director for Tax and Exchange Control at Geneva Management.

Listen to the interview in the audio below.

https://omny.fm/shows/the-money-show/bitcoin-ethereum-death-and-taxes-sars-wants-in

This article was first published by 702 on 25 April 2018