SARS expects you to pay tax on earnings from crypto gambling, trading and mining
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.When it comes to crypto taxes in South Africa, it is crucial for any beginner to understand the basics. The South African Revenue Service treats cryptocurrencies as “assets of an intangible nature” and not currency or property, which means that they are subject to capital gains tax or income tax, depending on how they’re used.
When it comes to trading cryptocurrencies, SARS treats these transactions as barter exchanges, which are taxed at 18%. This means that the fair market value of the exchanged currency is considered the amount taxable. For example, if you tradefor Ethereum, the market value of the received Ethereum is considered the taxable amount. Using crypto to make any payments to acquire goods or services is also considered a barter transaction and is taxed accordingly.
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