It has been more than three years since SARS’s media statement on cryptocurrencies. In this statement, SARS said that it would apply “normal income tax rules” to cryptocurrencies when assessing whether a gain is revenue or capital in nature, and that crypto assets are not seen as currency for income tax purposes.
The infamous case of South Africa’s Mirror Trading International (MTI) has been crowned as the world’s largest cryptocurrency Ponzi scam. A total of around $589 million was lost, affecting hundreds and thousands of investors, according Chainanalysis’ 2020 Crypto Crime Report.
Bitcoin’s price has once again soared in recent months – as has the price of some of its other cryptocurrency peers, such as Ethereum – making this very modern form of investing a very ‘hot’ topic at the moment. The seemingly ever-increasing price of Bitcoin leaves the world holding its breath once again – as we did at the end of 2017 – waiting in anticipation for the apparent bubble to burst.
Financial services regulatory compliance firm, Compli-Serve SA is pleased to announce that it has concluded an agreement with Mazars Consulting Services “Mazars”, whereby Compli-Serve will refer clients who require broad-based black economic empowerment (B-BBEE) verification or consulting services.
During the 2019 Medium-Term Budget Policy Statement, delivered on Wednesday 30 October, Minister of Finance, Tito Mboweni, confirmed that Treasury would once again see a significant revenue shortfall by the end of the financial year. With this year’s revenue gap predicted to be around R53 billion, the Minister’s report on the state of revenue collections...
Visit the official COVID-19 government website to stay informed: sacoronavirus.co.za