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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.
The South African Revenue Service (SARS) is reportedly sending taxpayers audit requests, asking those who have held cryptocurrencies to disclose their trading activity.
STORY CONTINUES BELOW
- 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
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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