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SOUTH AFRICA ISSUES GUIDANCE ON CRYPTO ASSET TAX, BUT THE TAXMAN STRUGGLES On 27 August 2021, SARS provided further guidance on the correct tax treatment of crypto assets and how this must be declared in their returns. This took place in the form of a webpage published by SARS, entitled “Crypto Assets & Tax”. The […]

SOUTH AFRICA TAKES ON NON-COMPLIANCE IN THE CRYPTO TAX SPACE While the population of cryptocurrency in South Africa has sourced in recent years and the past few months in particular, the South African Revenue Service (SARS) is seemingly beginning to play hardball when it comes to outstanding tax liability. READ MORE Thomas LobbanLegal Manager, Cross-Border

RING-FENCING CRYPTO LOSSES Yet another grey area around crypto asset taxation has come to light. Investors are asking whether they can claim assessed crypto losses against other income. The answer, as with everything pertaining to crypto asset tax, is not that clear-cut. READ MORE Thomas LobbanLegal Manager, Cross-Border Taxation The Part-Time Crypto Trader Let’s assume

Crypto Regulation in South Africa There’s a new Sheriff in Town The new regulations proposed by the South African Government will lead to greater regulatory oversight and control in the crypto asset sector, and will spell bad news for non-compliant operators. READ MORE Thomas LobbanHead of Crypto Tax Consulting It has long been clear that

CRYPTOCURRENCY IS EITHER A POWDER KEG OR PANACEA WHICH WAY WILL WE GO? During 2020, crypto platforms the world over sailed into the heavens, then plummeted months later. Amid the joys and sorrows experienced by investors, come new concerns about cryptocurrency regulation and what it would mean for South African taxpayers. READ MORE Thomas LobbanHead

IN THE LAND OF THE BLIND FILING SEASON CAUSING ANXIETY FOR CRYPTOCURRENCY INVESTORS With filing season fast approaching, it has become abundantly clear that SARS will have its sights set firmly on collecting tax from cryptocurrency activities. READ MORE Thomas LobbanHead of Crypto Tax Consulting Come the 1st of July, taxpayers will have to declare

NO LONGER UNDER THE RADAR SARS PUTS A MAGNIFYING GLASS OVER CRYPTO EXCHANGES For the past few years, many have speculated on whether SARS would approach cryptocurrency exchanges directly to disclose their customers’ information. Until recently, taxpayers have largely regarded cryptocurrency as something that exists outside of the reach of the revenue collector. However, this could

SEVEN ESSENTIAL TAX TIPS TO KEEP YOU LEGAL, AND OUT OF JAIL, AS SARS MINES FOR REVENUE IN CRYPTOCURRENCY If the emotional roller coaster of the cryptocurrency crash following Elon Musk’s latest Tweet that Bitcoin and other cryptocurrency mining consumes too much dirty energy such as coal, and his earlier decision that it can no

CRYPTOCURRENCIES ARE YOU AWARE OF THE TAX IMPLICATIONS? Along with the rest of the world, South Africans have shown an appetite for cryptocurrencies. While the size of the market remains unclear, Coinmarketcap gives a figure of $210 billion for the global market, and approximately R6.5 billion for the South African market. READ MORE Thomas LobbanHead

CRYPTOCURRENCY TAX THE CANARY IN THE COALMINE In 1911, coal miners would delve into the depths of the earth with little or no guiding light and none but their own belaboured breath as company. These men faced a silent killer – carbon monoxide levels underground could increase until it was too late for them and