SARS confirms criminal sanctions for Crypto non-compliance
--:--
GUEST - Jashwin Baijoo, Associate Director and Head of Strategic Engagement & Compliance – Tax Consulting SA
The South African Revenue Service (Sars) has issued a stern warning to taxpayers who hold digital currencies, emphasising that failing to declare crypto assets on tax returns will not be tolerated. Sars highlighted its growing concerns over non-compliance and reiterated that it has already begun enhancing its monitoring and enforcement capabilities to ensure all crypto-related income is accounted for.
According to Sars, more than 5.8 million South Africans hold crypto assets, yet many have not declared them in their tax filings. To tackle this, Sars is partnering with the Financial Sector Conduct Authority (FSCA) to obtain information on registered crypto asset service providers (Casps) and has begun receiving data directly from local exchanges.
The South African Revenue Service (Sars) has issued a stern warning to taxpayers who hold digital currencies, emphasising that failing to declare crypto assets on tax returns will not be tolerated. Sars highlighted its growing concerns over non-compliance and reiterated that it has already begun enhancing its monitoring and enforcement capabilities to ensure all crypto-related income is accounted for.
According to Sars, more than 5.8 million South Africans hold crypto assets, yet many have not declared them in their tax filings. To tackle this, Sars is partnering with the Financial Sector Conduct Authority (FSCA) to obtain information on registered crypto asset service providers (Casps) and has begun receiving data directly from local exchanges.