South African Tax Authority Integrates Crypto Assets Into Compliance Plan

According to Odaily, the South African Revenue Service (SARS) has announced the inclusion of crypto assets in its compliance program. SARS is seeking information about crypto users from the Financial Sector Conduct Authority (FSCA) and crypto asset service providers. This step was deemed necessary after SARS observed that taxpayers were not declaring crypto assets and transactions in their tax returns. The South African law mandates SARS to account for all income and assets, including cryptocurrencies. In recent comments, SARS stated that it is working to simplify compliance for taxpayers and traders. The tax authority also emphasized the consequences of deliberate tax evasion. To achieve this goal, SARS has strengthened its audit team and adopted the latest technology.