South Africa Mum on Calculating Cryptocurrency Capital Gains

Cryptocurrency traders in South Africa need guidance on how to determine base costs when calculating their capital gains tax bills, a specialist at the FTR Tax and Corporate Administration said.

South Africa issued guidance on April 6 saying it will apply normal tax rules to cryptocurrency. However, since then, the “conversation” has evolved, Ettiene Retief, tax specialist at FTR Tax and Corporate Administration told a Johannesburg tax conference Sept 11.

The country’s initial stance on cryptocurrencies was formulated at a time when cryptocurrencies were in their infancy in South Africa, according to Retief, but now they are very much an ...