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Sars says all cryptocurrencies taxable

Sars says all cryptocurrencies, including Bitcoin, will be treated as part of a person's taxable income and its gains and losses must be declared.

Bitcoin medals. Picture: AFP

JOHANNESBURG - The South African Revenue Service (Sars) has responded to queries from the public, saying normal tax rules will continue to apply to cryptocurrencies.

Sars says all cryptocurrencies, including Bitcoin, will be treated as part of a person's taxable income and its gains and losses must be declared.

Sars legal counsel senior manager Andrew Wes said: “Although we call them cryptocurrencies, we regard the cryptocurrencies as intangible assets and not as a currency and there are different taxation consequences for that.”

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