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What is the current SARS treatment regarding Bitcoin investments?

Q: The individual does not regularly trade in these investments, and this was a once off investment that he withdrew. He made a R120,000 gain on the withdrawal. Are the gains capital in nature and therefore need to be taxed at Capital Gains rates or normal income tax rates? What will be the tax implications?
A: We are not aware of any official SARS view (as made available publicly) in this regard. We accept that some taxpayers may have requested opinions form SARS, but that would not be in the public domain. We accept that the client is not generating (referred to as mining the currency) the Bitcoin (as a cryptocurrency) once a block has been decrypted or (more likely) by simply buying it, exchanging physical currency for digital at a Bitcoin exchange like Mt. Gox or Bitstamp, or through a service like BitInstant. We have also only obtained information from...
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SA’s VAT system among best in the world, according to IMF

SA has one of the most efficient systems of value-added tax (VAT) in the world, according to the International Monetary Fund (IMF), which undertook research on the tax on behalf of the Treasury. The IMF report was released by the Davis Tax Committee, headed by Judge Dennis Davis, last week, along with its own interim report on VAT. The committee’s report is one of a series it will conduct on various aspects of the tax system. Its report on VAT concluded that a hike in the VAT rate would be less distorting for the economy than a rise in personal or corporate tax rates, should the government need additional funds in future. The IMF estimated the VAT compliance gap in SA to be between 5% and 10% from 2007-12. The compliance gap is the difference between the estimated potential net VAT collections and the actual collections. The difference is assumed to represent...
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Let Our Personal Tax Consultants Help You Navigate the Waters of Tax Compliance

Keeping up to date with the latest tax developments and SARS requirements can be a pain. This is especially true if your career or area of expertise has nothing to do with taxes. Millions of South Africans have sleepless nights each year when tax season approaches. Take back your quality of life and let our personal tax consultants help you ensure 100% compliance. At Muller and Partners, we bring many years of experience to the sector. Our company has been helping South African citizens and companies achieve tax compliance for more than 36 years, and we continue to work hard to be a benefit to our clients. When you approach our personal tax consultants, you will receive dedicated and personalised service from a professional and experienced tax expert. What many people don’t realise is that when you work with a tax consultant, they can help you to achieve a greater tax return....
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