No Doge-ing The Tax Bill On Cryptocurrency Transactions

SARS is tightening tax collection on cryptocurrency transactions, which makes it important to distinguish between events that will trigger income tax rates or CGT rates.

Have you (i) sold your cryptocurrencies (crypto); (ii) exchanged one crypto for another crypto; (ii) purchased goods and services using crypto; (iii) mined or forked for crypto; (iv) received staking rewards in crypto; (v) then sold your staking rewards; (vi) received air-drops of crypto; or (vii) used crypto as collateral for loans? If you answered yes to any of these questions, remember your taxes!

The South African Revenue Service (SARS) is increasingly auditing taxpayers' crypto holdings and trading activities. It has also requested information from certain South African crypto exchanges, including Luno, about users on the platform and their transactions.