SARS investigating cryptocurrency tax implications

SARS has said it is looking into the tax implications of transacting in cryptocurrencies

The South African Revenue Service (SARS), it will soon be providing clarity on the tax implications of transacting in cryptocurrencies. According to Sandile Memela, SARS spokesperson, SARS is currently treating cryptocurrencies under Capital Gains Tax (CGT), although no major cryptocurrency declarations have been received as yet.

Dr Randall Carolissen (pictured), SARS group executive for research, has said previously that the tax authority is working through recommendations of the Organisation for Economic Cooperation and Development (OECD), which include suggestions and information on how cryptocurrencies should be treated.