Bitcoin: The Tax Question
Although usually behind the global curve, South Africa seems to be keeping pace with the current Bitcoin trend. This is positive, as we are living in an increasingly digital world with it only being a matter of time before currency too, became digital.
Incorrect Tax Assessments: Handling woes with Interest Income Reporting
With financial institutions now directly reporting interest income to the South African Revenue Service (SARS), an increase in the number of cases where individuals are receiving tax assessments on income that does not belong to them, has become evident.
Franchisees Claiming Tax Deductions – SARS Clarity Provided
Franchisees have long battled with the tax deductibility of an initial fee paid under a franchise agreement. Depending on the nature of such fee, various provisions in the general deduction formula may find application. For example, where the initial fee is not capital in nature, it may be deductible under section 11(a) of the Income […]
How Bitcoin earnings are still Taxable
Johannesburg – Cryptocurrencies like Bitcoin are to be treated in the same way as capital realisation on assets, according to Dr Randall Carolissen, research head of the South African Revenue Service (SARS).