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.
While the true figures remain unclear, what is clear is that SARS has cryptocurrency trading very much in its sights, says
Thomas Lobban, Legal Manager, Cross-Border Taxation at Tax Consulting South Africa.
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“Bitcoin and other cryptocurrencies have notched up huge gains in past year and more Bitcoin gained approximately 224% in 2020, for example. Given these returns, it’s unsurprising that South Africans are looking at crypto as an investment opportunity, but few realise the tax implications of such a move,” Mr Lobban says.
SARS is coming after these 3 tax streams
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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.
While the true figures remain a mystery, what is certain is that the South African Revenue Service (SARS) has cryptocurrency trading very much in its sights, said Thomas Lobban, legal manager, cross-border taxation at Tax Consulting South Africa.
“Bitcoin and other cryptocurrencies have notched up huge gains in past year and more Bitcoin gained approximately 224% in 2020, for example. Given these returns, it’s unsurprising that South Africans are looking at crypto as an investment opportunity, but few realise the tax implications of such a move,” Lobban said.
A remuneration model made for Covid-19
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In a Covid-stricken economy, employee motivation and productivity are being hampered by salary cuts and reduced working hours.
“Employers are looking for innovative remuneration solutions that will inspire their workforce while preserving their own constrained finances,” says
Tanya Tosen, Master Mobility, Tax and Remuneration Specialist at Tax Consulting South Africa.
SARS is keeping tabs on South Africa s brain drain businesstech.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstech.co.za Daily Mail and Mail on Sunday newspapers.
Apr 22, 2021
South Africa has experienced a large brain drain over the past few years with many skilled South Africans emigrating. However leaving South Africa doesn’t mean you can forget your relationship with SARS.
“No matter where you decide to live, you are still obligated to declare your worldwide income every year to SARS and pay tax on it for so long as you have not formalised your non-tax residency with them,” says Reabetswe Moloi, admitted attorney at Financial Emigration, a division of Tax Consulting South Africa.
In addition, paying tax to a foreign government doesn’t mean you don’t have to settle your SARS bill as well. So you could end up being double taxed.