All you need to know about crypto tax in South Africa
ALTHOUGH THE 21 October 2024 tax submission deadline has come and gone, provisional taxpayers still have until 20 January 2025 to get their returns in—and if they hold crypto assets, they need to understand how their investments and trades are taxed under SARS guidelines.
Luno is not a tax advisory service, but we take proactive steps to help our customers learn more about their obligations as crypto asset holders. SARS has provided some guidance on the taxation of crypto assets, but many still make mistakes that can result in penalties or non-compliance.
One common misconception is that blockchain transactions are entirely ano-nymous, and it is possible to evade their tax obligations.
Wiehann Olivier, partner at Forvis Mazars and fintech and digital asset lead at Forvis Mazars South Africa, explains: “Most blockchains are public ledger, meaning all transactions are visible and im-mutable, meaning they cannot be deleted.
“SARS may engage with exchanges and request transactional data, as well as…
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