During 2020, crypto platforms the world over sailed into the heavens, then plummeted months later. Amid the joys and sorrows experienced by investors, come new concerns about cryptocurrency regulation and what it would mean for South African taxpayers.
For the past few years, many have speculated on whether SARS would approach cryptocurrency exchanges directly to disclose their customers’ information. Until recently, taxpayers have largely regarded cryptocurrency as something that exists outside of the reach of the revenue collector.
South African residents who work for international companies inside South Africa need to be sure they have a clear understanding of their tax situation or risk losing out, says Thomas Lobban, Legal Manager for Cross-Border Taxation at Tax Consulting South Africa.
On 21 May 2021, the Constitutional Court handed victory to SARS in a decision that may have sweeping ramifications for retailers who operate loyalty plans similar to the Clicks ClubCard loyalty programme.
South African expatriates who ignore their tax obligations will soon find themselves in hot water with SARS.
If the emotional roller coaster of the cryptocurrency crash following Elon Musk’s latest Tweet that Bitcoin and other cryptocurrency mining consumes too much dirty energy such as coal, and his earlier decision that it can no longer be used to buy a Tesla, has got you down, at least one positive spin-off is that the […]
In 2021, the world is an entirely different place to live in as compared to the past, and many South African expatriates face more uncertainty than ever before due to the Covid-19 pandemic.
Along with the rest of the world, South Africans have shown an appetite for cryptocurrencies. While the size of the market remains unclear, Coinmarketcap gives a figure of $210 billion for the global market, and approximately R6.5 billion for the South African market.
In a COVID-stricken economy, employee motivation and productivity are being hampered by salary cuts and reduced working hours.
SARS’ “High Wealth Individual Taxpayers Unit” (the Unit) is up and running and as promised, SARS has sent out the first batch of welcome letters to those who meet the criteria to form part of this elite club.