With the introduction of Bitcoin and other cryptocurrencies into the global economy, governments are looking to introduce either regulations or taxes.
According to reports, India’s government has become especially concerned about the potential for cryptocurrencies to be used to launder money domestically, or for it to transferred illegally across borders.
Ray White spoke to Tax Consultant Christopher Renwick on The Midday Report, to find out if the South African Revenue Service (Sars) is heeding the same call.
Not necessarily in its sights just yet, but definitely building its way to being able to target Bitcoin as a sort of tax revenue.— Christopher Renwick, Tax Consultant
Sars are now looking at ways and means of tracking down trades and those who are holding bitcoin.— Christopher Renwick, Tax Consultant
Click on the link below to hear more from Renwick about potential cryptocurrency taxing: