The South African Income Service (SARS) has considerably tightened its rules round cryptocurrency taxation, affecting each merchants and buyers. Crypto belongings are labeled as monetary devices below the Revenue Tax Act, that means any income from crypto dealings could also be topic to earnings tax, capital positive aspects tax (CGT), and even VAT in some instances. 🗂️
Merchants would wish to declare any losses or positive aspects per tax yr. This may fall both below gross earnings, or capital acquire, relying on their circumstances.
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