Zuko Komisa

The South African Revenue Service (Sars) has sent out a strong warning to taxpayers who own cryptocurrency, emphasizing that it would not be accepted if crypto assets are not declared on tax filings.
According to SARS, Over 5.8 million South Africans own cryptocurrency assets, but many of them haven’t disclosed them in their tax returns, and the revenue collector has started obtaining data directly from regional exchanges and is working with the Financial Sector Conduct Authority (FSCA) to gather details on registered crypto asset service providers (Casps).
SARS has emphasized its rising concerns regarding non-compliance and restated that it has already started to improve its surveillance and enforcement powers.
“Sars has been working ceaselessly to ensure compliance by all taxpayers, and those who are evading their responsibility make the burden of compliance difficult for compliant taxpayers.” said SARS Commissioner Edward Kieswetter
Kaya Biz spoke to Jashwin Baijoo, Associate Director and Head of Strategic Engagement & Compliance – Tax Consulting SA
Listen to the full conversation here:
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