Crypto assets: Are you prepared for the taxman?
South African taxpayers must realize that the time to regularise their cryptocurrency assets with the South African Revenue Service (SARS) has come, says Diane Seccombe, National Head of Taxation at Mazars.
“While tax compliance in the crypto space has been a murky area until now, SARS and the South African Reserve Bank (SARB) have followed other international jurisdictions in developing stringent regulatory frameworks for this burgeoning segment of the market, with much focus on transparency,” Seccombe says.
Now, there is no longer any doubt that taxpayers are required to disclose their crypto assets – including purchases, current holdings, and disposals – as part of their statements of assets and liabilities.
From a tax perspective, cryptocurrencies are not regarded as currencies, but...