Cryptocurrency Tax Guide for South African Individuals
An Introduction to Cryptoassets & Recap
Crypto assets (often referred to as Cryptocurrencies) are considered to be an asset class in South Africa. Given the ever-changing crypto landscape and the constant development of new uses for and ways to invest in crypto, the tax consequences in South Africa are not always crystal clear.
Recap, in partnership with Head of Crypto Asset Taxation at Tax Consulting South Africa, Jashwin Baijoo, have prepared this comprehensive South African Tax Guide to outline the rules and considerations to keep in mind with regard to crypto asset tax for individuals in South Africa.
SARS Crypto Classification
SARS officially recognizes cryptocurrencies as 'crypto assets,' not as virtual currency, as seen in their ITR12 (Income Tax Return).
This guide is intended to be for information purposes only, and shall not be considered tax, accounting or legal advice. As such, this guide should not be relied on without consultation with a qualified and competent expert.