The South Africa Revenue Service (SARS) recently released a draft cryptocurrency tax legislation. The draft defines the framework of virtual currency taxation in the country.
Details of the Draft Cryptocurrency Tax Legislation
The draft cryptocurrency tax legislation follows on from the press release issued by SARS in April 2018. At that time, the tax agency categorically laid out plans to tax income earned via virtual currency transactions. As part of the April 2018 press release, SARS said: