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It has been more than three years since SARS’s media statement on cryptocurrencies. In this statement, SARS said that it would apply 'normal income tax rules' to cryptocurrencies when assessing whether a gain is revenue or capital in nature, and that crypto assets are not seen as currency for income tax purposes.
Sometimes the focus should not be on what was said, but rather on what was left unsaid. The Supplementary Budget tabled by Minister Tito Mboweni on 24 June 2020, centred around the potentially disastrous trajectory of South Africa’s fiscal affairs.
In light of the recent announcement that the tax return threshold will be lifted from R350,000 to R500,000, it is crucial for South Africans to fully educate themselves on their filing obligations, or risk incurring possible fines by the South African Revenue service (SARS).