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South Africa's Tax Agency Is Clamping Down on Crypto Users: Report
The South African Revenue Service is likely "ensnaring" non-compliant taxpayers, a tax consultancy said in a news report.
Updated Sep 14, 2021, 12:07 p.m. Published Feb 4, 2021, 11:43 a.m.
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The South African Revenue Service (SARS) is reportedly sending taxpayers audit requests, asking those who have held cryptocurrencies to disclose their trading activity.
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- SARS has sent the requests to a number of taxpayers who, in turn, contacted professional tax services firm Tax Consulting South Africa, reported local IT news site MyBroadband on Tuesday.
- Responding taxpayers need to provide the reasons for buying cryptocurrency, as well as details of any exchanges from trading platforms and bank statements.
- According to the tax consultancy, SARS' action means the government is cracking down on non-compliant cryptocurrency traders in the nation.
- “It is feasible to understand that SARS is in the process of ensnaring culpable taxpayers who have not disclosed their cryptocurrency-related trading profits and or losses,” the firm said in the report.
- In recent news, South Africa’s financial market regulator is reportedly seeking greater oversight of the cryptocurrency trading industry following the collapse of a bitcoin company alleged to have been the nation’s biggest Ponzi scheme.
Read more: India Mulls Imposing 18% Tax on Bitcoin Transactions
