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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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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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Why Taxation Consultants May Be the Best Route for Your Company to Take

Tax preparation can be a headache for any business owner. For small to medium sized businesses in South Africa who need to turn every penny around three times, raising an internal accounting department from the ground up can be an expensive operation. It is because of this that more and more companies are opting for taxation consultants. This allows the business to access the expertise of tax professionals who are up to date with the very latest SARS requirements, and can help the company take care of its tax preparation without the burden of more full-time salaries. You only pay for the taxation services that you need and will not have to commit to hiring another staff member. Besides, taxation specialists can be expensive to hire full time and bring in-house. Taxation consultants tailor their services around your business and provide you with solutions to your needs. You don’t pay a...
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