SARS wants your Bitcoin Profits

Many South Africans appear to think that Bitcoin is free from taxes. The tax opinions I have seen certainly say this is not true. Unfortunately, Bitcoin meets the definition of a financial asset (if I recall correctly) and a portion of any profits will fall into the clutches of SARS. SARS are even putting in measures to track you down. (Read this Moneyweb article for more). Alas, nothing is for free and SARS will pay these gains over to politicians who will squander/steal/misallocate it.

Fear not, Super Magda is here. You know, the annoying CEO of Sygnia Asset Management. I concede she often has a point but she reeks of aggression in my humble opinion :). She has an audacious plan to sue all the crooks (read Zuptas) for R5 billion. A noble cause but I am not too sure of the probability of success. Check out this article for more.