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SARS Taxing Cryptocurrencys

Trevor87
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Hi all

SARS over here in South Africa is planing to tax you on Cryptocurrencys as far as I have read there busy developing a formula on how to tax you on different  Cryptocurrencys depending on your gain's and loses if reside here in South Africa.

I think it grate idear but depending on how it works and how it implemented that anther store.

Link

https://www.moneyweb.co.za/financial-advisor-views/trading-in-bitcoin-ethereum-sars-wants-its-share/

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AFAIK, most countries already tax you on cryptocurrencies by means of capital gains or something similar. Most seem to be treating them as a normal currency by default. I believe the UK and US have basically said they don't really plan on changing that anytime soon as the existing tax terms that apply to gains from trading currency work fairly well with cryptocurrencies. 

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Is it not something you have to declare anyway? What if you've made money off of this before, do you pay tax on previous profits? 

That's an F in the profile pic

 

 

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25 minutes ago, Froody129 said:

Is it not something you have to declare anyway? What if you've made money off of this before, do you pay tax on previous profits? 

The more I read in to this on different article's the more this is up in the air regarding how they going to tax you.

It looks like they are treating it like trading stock and tax you there and tax you when you going to convert to different Crypocurrencys and real world currency but no VAT yet.

SARS is regaling you to disclose everything and be good tax pay there nothing they can do at the moment  to prevent you from keeping everything secret transaction wise .       

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3 hours ago, Trevor87 said:

The more I read in to this on different article's the more this is up in the air regarding how they going to tax you.

It looks like they are treating it like trading stock and tax you there and tax you when you going to convert to different Crypocurrencys and real world currency but no VAT yet.

SARS is regaling you to disclose everything and be good tax pay there nothing they can do at the moment  to prevent you from keeping everything secret transaction wise .       

Inb4 no one declares anything xD. We already saw how e-toll went. 

That's an F in the profile pic

 

 

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5 hours ago, Trevor87 said:

The more I read in to this on different article's the more this is up in the air regarding how they going to tax you.

It looks like they are treating it like trading stock and tax you there and tax you when you going to convert to different Crypocurrencys and real world currency but no VAT yet.

SARS is regaling you to disclose everything and be good tax pay there nothing they can do at the moment  to prevent you from keeping everything secret transaction wise .       

That's not the only income source that has your own reporting as the main means to tax it, nor the only tax that can be evaded. But there are three things you need to consider:

- it may be very easy for you to never report the $0.5 you made mining with your Raspberry after losing a bet. They couldn't careless.

- on the other hand, if mining or trading crypto is your main source of income or is making you millions, they'll see it. You will be buying things, and there is a limit on how much you can spend before you start leaving a trail or it stops making sense. Those who have more to evade are also the ones with more risk of being catched

- someday they may find out even about small evaders, the way Connecticut went after some obscure sales tax replacement half the people didn't even realize they were evading, because although you tend to be the main source of information, you are not the only source of information. One day you think you are super secretive, the next day Coinbase is talking about you with the IRS (or whoever, you get the point).

 

TL;DR: it's not impossible to enforce, and it is easier to enforce where it matters.

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You’re suppose to tax all income even if you sell something on Craigslist but no one does that

▓ƆԀ▓ S▓₱▓Ɇ▓c▓s▓: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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7 hours ago, Trevor87 said:

The more I read in to this on different article's the more this is up in the air regarding how they going to tax you.

It looks like they are treating it like trading stock and tax you there and tax you when you going to convert to different Crypocurrencys and real world currency but no VAT yet.

SARS is regaling you to disclose everything and be good tax pay there nothing they can do at the moment  to prevent you from keeping everything secret transaction wise .       

Well unless you somehow only use cash it's going to be hard to not have a paper trail. You out money into your bank account then they will know. You spend alot of money on nice things then they will get suspicious. I mean even one if the greatest criminals of all time Al Capone was so secretive about his illegal activities that they couldn't pin anything on him until the IRS got him for tax evasion.

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You are suppose to declare what you earn to the government tax man. That is everything from Tips earned, to bottle picking, metal picking, room rentals, garage rentals and cryptocurrency, to private sales of auto's, boats, recreational vehicles. Some people even earn a living doing cash jobs under the table. You will only get caught if a family member, friend or someone rats you out which seems to be all the rage in this electronic/internet day in age.

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14 hours ago, M.Yurizaki said:

If it's like how stocks work, in the US anyway, the only time you're taxed on crypto is if you cash it out. You can keep it as long as you want and not pay a dime to your tax agency, provided you don't mind never cashing it out.

What are the systems in place to cash out on crypto?

How is peer to peer exchanges handled, that there is probably the most problematic to oversee.

 

 

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