Browsing: Sars

How Sars plans to tax your bitcoin

The South African Revenue Service will continue to apply “normal income tax rules” to cryptocurrencies such as bitcoin and has urged taxpayers to declare cryptocurrency gains or losses as part of their

Bitcoin: brace for the tax impact

As bitcoin continues its roller-coaster ride, taxpayers need to brace themselves for heightened scrutiny of their declarations in relation to cryptocurrency gains. The South African Revenue Service has confirmed that it will clarify

How Sars might tax your bitcoin transactions

South Africa has no specific laws or regulations that deal with the use of cryptocurrencies like bitcoin. It follows that, to date, there aren’t any court rulings or directives that focus on the tax treatment of bitcoin-related transactions

Sars wants to track your bitcoin trades

The South African Revenue Service is in discussions with some of the top technology companies in the world to enable it to track cryptocurrency trades more efficiently. Interest in cryptocurrencies, like bitcoin, has risen significantly

1,4m tax eturns submitted via e-filing

With six weeks to go to before the end of the 2016 tax season, the South African Revenue Service has received over 4m tax returns. “Sars has already received 4 166 243 individual income tax returns. This figure also includes 1 217 428 returns received

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