SARS is encouraging South African taxpayers to declare any digital assets and currencies they own in order to facilitate compliance.
The South African Revenue Service has encouraged taxpayers with various digital currencies, which includes crypto assets, to declare these with its Voluntary Disclosure Programme to facilitate compliance.
SARS Commissioner Edward Kieswetter once more reminded taxpayers to honestly and dutifully honour their legal obligations by declaring all their income. “Let all know that technology has enhanced SARS’ ability to root out non-compliant taxpayers. Be warned, SARS will pursue all without fear, favour or prejudice,” the Commissioner said on Wednesday.
“Importantly, it must be underscored that through multilateral agreements SARS is exchanging information with other tax authorities globally,” SARS said.The provision of offshore crypto accounts will be the subject of a multilateral agreement to be signed by Ministers of Finance in November 2024, which will catalyse the cross jurisdictional exchange of such information in respect of South African taxpayers.
“Critically, it is our strategic objective to make it hard and costly for those who are willfully non-compliant. These efforts are intended to support our Strategic Intent of fostering a culture of voluntary compliance,” SARS said.
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