Taxation is theft .Governments are NOT entitled to your income. You are NOT a slave. You are free. Stand up for your rights. All governments are corrupt thieves on a mission to control you.

Free humanity, please dont fund any more wars. Stop funding the corrupt forces that control you. Your government is weak and have NO real control over you... They are just scaring you into involuntary compliance.

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The tax authority ( MAFFIA) of South Africa has warned taxpayers ( There Debt slaves) in the country against forgetting to report all their cryptocurrency transactions. However, it also presented a framework with a few positive points for those trading cryptocurrencies such as the ability to claim expenses and losses.

Also read : Taxation is theft

Not Legal Tender, Still Taxable

South Africa Puts Onus on Taxpayers to Declare All Cryptocurrency IncomeThe South African Revenue Service (SARS) announced on Friday that it expects everyone to declare cryptocurrency gains as part of their taxable income. “The onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year in which it is received or accrued. Failure to do so could result in interest and penalties.”

The SARS acknowledged that it faced many calls from the public to provide direction on how to treat cryptocurrency tax reporting but says that a separate interpenetration is unnecessary for now. Instead it tried to explain how it falls under the current framework. Anyone who is uncertain about specific transactions involving cryptocurrencies may also seek guidance from the agency.

The Existing Tax Framework

South Africa Puts Onus on Taxpayers to Declare All Cryptocurrency IncomeThe agency explains that cryptocurrencies are not regarded by SARS as a currency for income tax purposes or Capital Gains Tax, rather they are regarded as “assets of an intangible nature.” And, that “Whilst not constituting cash,” income received or accrued from cryptocurrency transactions can be taxed on revenue account under “gross income”. When goods or services are exchanged for cryptocurrencies, transactions are regarded as a barter.

On the positive side, South African taxpayers are also entitled to claim expenses associated with cryptocurrency accruals, “provided such expenditure is incurred in the production of the taxpayer’s income and for purposes of trade.” Additionally, SARS will not require VAT (Value-Added Tax) registration as a vendor for purposes of the supply of cryptocurrencies in 2018.

While SARS now says the onus is on taxpayers to report cryptocurrency transactions, traders should not assume it is not looking for other way to find out about them. Back in December 2017 we reported that SARS was exploring ways to track and tax bitcoin trading. The agency held talks with tech companies offering to implement transaction tracking solutions for it.

Taxation is theft Governments are NOT entitled to your income. You are NOT a slave. You are free. Your government are corrupt thieves on a mission to control you.

Fuck the oppression. Free humanity, please dont fund any more wars. Your government is weak and have NO real control over you... They are just scaring you into involuntary compliance.