The South African Revenue Service (SARS) has announced the inclusion of crypto assets in its compliance program. The Revenue Service is seeking information about crypto users from the Financial Sector Conduct Authority (FSCA) and crypto asset service providers.
SARS recently said it felt compelled to take the step after noticing that taxpayers were not reporting crypto assets and transactions in their tax returns. According to the statement, South African law requires SARS to account for all income and assets, including cryptocurrencies.
In its latest comments on the issue, SARS said it was working to streamline compliance for taxpayers and traders. At the same time, tax officials highlighted the consequences of intentional tax evasion. To achieve this, SARS said it has strengthened its audit team and adopted the latest technology.
South African tax agency to include cryptocurrency in its compliance program
2024-10-13 03:58:32
South Africa Tax Authority SARS Announces Crypto Asset Incorporation Its Compliance Plandesk3cryptocurrencydesktopCrypto News
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