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On 6 April 2018, the South African Revenue Service (SARS) announced that it will continue to apply normal income tax rules to cryptocurrencies and will expect affected taxpayers to declare cryptocurrency gains or losses as part of their taxable income.
In the lead up to the Budget, the opinion was widely expressed that if the extent of fruitless and wasteful expenditure in the public sector were addressed, it could go a long way in correcting our country’s budget shortfall.
Generally South African residents are prohibited in investing in a foreign company, which in turn invests back into South Africa. This is called a so-called loop structure.
A large proportion of debt agreements involve the use of collateral, more specifically the use of equity (ie listed shares) as well as listed government bonds, as security for the repayment of the debt.
On 9 February 2018, the Minister of Finance enacted into law the final version of the Regulations to the Financial Markets Act, 2012 (FMA Regulations).