Bitcoin, Ethereum… Death and taxes; Sars wants in!

Cryptocurrencies… Sars wants in!

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 (and/or scroll down for quotes from it).

The US, India, Canada and Australia look at it as an asset… The Japanese regard it as full legal tender…

Ruaan Van Eeden, Geneva Management

The Reserve Bank needs to play a much bigger role here…

Ruaan Van Eeden, Geneva Management

You need to disclose your trade… whether you’re in the money [or not]… you need to go to a tax professional… to the extent that Sars challenges you, you need evidence to back you up…

Ruaan Van Eeden, Geneva Management

They can draft legislation to specifically deal with this…

Ruaan Van Eeden, Geneva Management

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