Federal service of South Africa’s taxes and duties (SARS) issued a statement, according to which any transactions in cryptocurrency should be taxed on profit. In this case cryptocurrency in this country have no official status.
As explained in the statement the tax is imposed on any income related to cryptocurrency: as from the sale of goods and services, and profit traders.
“The taxpayer must declare the income associated with the cryptocurrency in the tax year in which it is received or accrued. Failure to do so may result in the accrual of interest and penalties,” — said in a statement SARS.
According to the Wall Street Journal, last year the turnover of bitcoin (Bitcoin) in South Africa has grown in terms of political and economic instability in the country as a means of transferring money without any restrictions and sanctions banks.
In 2014 the South African reserve Bank (SARB) published a paper on digital currencies, stating that they do not have “legal status or regulatory framework” and are not regulated in South Africa. However, in July 2017, the regulator, together with blockchain project Bankymoon began the development of normative legal acts for regulation of the stock market.
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