The South African Revenue Service has released a draft guide on the taxation of crypto assets, with a feedback deadline of August 31

The South African Revenue Service (SARS) recently released the "Draft Guidelines on Taxation of Crypto Assets," seeking public input on how South African tax residents should declare and handle income related to crypto assets, with a feedback deadline of August 31.

The guidelines focus on the provisions in tax law that are most closely related to crypto assets and do not cover all applicable sections. Some provisions, although not explicitly mentioning crypto assets, are also applicable to related trading activities.

The guidelines state that South Africa's income tax system is residency-based. With specific exceptions, South African tax residents must pay tax on their worldwide income, including income and capital gains from crypto assets listed on foreign exchanges; non-residents may also have tax obligations if their income source is South Africa or if the disposed assets meet the relevant provisions.