South Africa Moves to Tax Crypto Under Existing Asset Rules

From financefeeds.com

South Africa’s tax authority has proposed new guidance that clarifies how crypto assets should be taxed under the country’s existing income tax and capital gains tax frameworks. The South African Revenue Service published draft guidelines on crypto asset taxation on Wednesday, applying the Income Tax Act, 1962, alongside capital gains tax rules. The guidance does not create a separate crypto tax regime. Instead, it explains how current tax law may apply to transactions involving digital assets. The draft states that most crypto activities, including trading, swapping, and spending, are generally treated as ... (full story)