South Africans Required to Declare Crypto Assets as SARS Expands Compliance
Free Reads South Africans Now Required to Declare Crypto Assets as SARS Expands Tax Compliance By Staff Reporter | October 10, 2024 The days of quietly holding onto your crypto assets without reporting them to the tax authorities are nearing an end as the South African Revenue Service (SARS) announced that crypto assets will be included in its compliance programs. This move comes as no surprise, given the surge in digital currency use, with over 5.8 million South Africans—roughly 10% of the population—now holding some form of cryptocurrency. Southern Africa, in fact, boasts one of the highest uptakes of Bitcoin in the world. SARS has raised concerns that many taxpayers are failing to declare their crypto assets in their tax returns, despite being legally required to report all forms of income and assets. In response, the tax authority has partnered with the Financial Sector Conduct Authority (FSCA) and is working with local crypto exchanges to collect information on crypto assets. This collaboration is part…
10 Oct 16:00 · WeeTracker