The South African Taxation Authority releases draft crypto asset tax guidance, the deadline for feedback is August 31

The South African Taxation Authority (SARS) recently released the "Draft Guidelines for Taxation of Cryptoassets" to solicit public opinions on how South African tax residents can declare and handle crypto-asset-related income. The deadline for feedback is August 31.<br /> The guide focuses on the provisions in the tax law that are most closely related to crypto assets and does not cover all applicable chapters. Although some provisions do not explicitly mention crypto assets, they are also applicable to related trading activities.<br /> The guide points out that South Africa's income tax system is based on place of residence. With certain exceptions, South African tax residents are required to pay taxes on their global income, including income and capital gains from crypto assets listed on overseas exchanges; non-residents may also be subject to tax liability if their source of income is South Africa, or the assets disposed of comply with relevant provisions.