Made some money with Bitcoin? Sars is coming for you…

The South African Revenue Service (Sars) will soon provide clarity on the tax implications of transacting in cryptocurrencies such as Bitcoin.

Sars currently levies Capital Gains Tax on cryptocurrencies in the same way it does for other, traditional assets.

When you submit your tax returns you must declare that as either additional income or additional asset revenue realisation that you’ve had. So it’s very important that you don’t discard that or ignore that part. Especially those people who took advantage of Bitcoin in the early stages.

Randall Carolissen, Sars

The Money Show’s Bruce Whitfield interviewed Sars Head of Tax Research Randall Carolissen.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

It’s not recognised as legal tender in South Africa.

Randall Carolissen, Sars

What was your intent? Were you a trader?

Randall Carolissen, Sars

We follow the money. If you suddenly become rich, we’re going to ask you some uncomfortable questions.

Randall Carolissen, Sars

We have mechanisms… We will track wealth generation as we do with other asset classes…

Randall Carolissen, Sars

We will eventually get a hold of you… We’re developing technology… it’s still novel…

Randall Carolissen, Sars

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