The South African Revenue Service has warned taxpayers that they need to disclose details of crypto investments – or else!
Revenue Service has warned taxpayers that they need to disclose details of their cryptocurrency transactions and investments – or else!
Critically, it is our strategic objective to make it hard and costly for those who are wilfully non-compliantis exchanging information with other tax authorities globally. The provision of offshore crypto accounts will be the subject of a multilateral agreement to be signed by ministers of finance in November, which will “catalyse the cross-jurisdictional exchange of such information in respect of South African taxpayers”.
“Sars is also working assiduously to make it easy and simple for taxpayers and traders to seamlessly comply with their obligations. Critically, it is our strategic objective to make it hard and costly for those who are wilfully non-compliant. These efforts are intended to support our strategic intent of fostering a culture of voluntary compliance.”As a result, Sars is expanding the capacity of its audit teams to support enforcement of crypto investments and profits.
Sars Is Coming For Your Crypto Assets
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