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High-Wealth Individuals and Crypto Traders High on SARS’ Hit-List SARS has confirmed its compliance radar is focused on both High-Wealth Individuals and taxpayers engaging in cryptocurrency related transactions for the next fiscal year! Both taxpayer segments have been a recurring collection windfall for the tax man and have once more made it onto the “Compliance […]

SARS Specialised Crypto Unit Cracks Down on Non-Compliance SARS have unearthed a new source of tax revenue collection – cryptocurrency trading and investing! With their purview unlimited, SARS has confirmed their ability to receive information directly from local crypto asset exchanges, to ensure non-compliance is both hard and costly for taxpayers. READ MORE Jashwin BaijooAssociate

Crypto Tax Compliance: New Frontiers in Enforcement and Reporting for Taxpayers! The 2023/24 tax year marked a shift in SARS’s approach, with the revenue collector announcing in early October than it will be including crypto assets in its targeted compliance programmes. This announcement comes off the back of a staggering 5,8 million South Africans reported

SARS Tightens Grip on Crypto: Full Disclosure Now Critical The South African Revenue Service (SARS) has issued a clear warning to crypto asset holders and traders: compliance is the path of least resistance, while non-compliance could lead to heavy financial and legal consequences. With over 5.8 million South Africans now holding crypto assets and Southern

SARS Confirms Criminal Sanctions for Crypto Non-Compliance SARS confirms ability to receive information directly from local crypto asset exchanges, to ensure non-compliance is both hard and costly for taxpayers! READ MORE Jashwin BaijooAssociate Director andHead of Strategic Engagement & Compliance FEATURED IN Looking beyond the borders of South Africa, the recent media release from the

CRYPTO ASSET EXCHANGES PLAYING OPEN CARDS WITH SARS? SARS has been honing its “automatic exchange of information” process with various countries and financial institutions, and it seems Crypto Asset Exchanges have now joined the party! Though not entirely unprecedented or unexpected, to crypto asset traders or investors, this revelation can easily spell out the beginning

SARS Threatens Criminal Sanctions for Non-Compliant Crypto-Traders As a cryptocurrency trader, have you ever heard of SARS’ Electronic Forensic Services team? Chances are, no. You have however certainly heard of the revenue collector enhancing their Audit capabilities to more than just a “quick count”, through the use of data driven insights. Now consider the risk

SARS’ Ragnarök for Non-Compliant Cryptocurrency Traders and Investors SARS has been honing its “automatic exchange of information” process with various countries and financial institutions, and it seems Crypto Asset Exchanges have now joined the party! Though not entirely unprecedented or unexpected, to crypto asset traders or investors, this revelation can easily spell out the beginning

Crypto Tax Classification Capital Gains or Income “Bitcoin, blockchain, mining”. By now we’re all familiar with cryptocurrency and its related buzzwords. The initial boom in cryptocurrency markets, has resulted in many people becoming cryptocurrency investors, with everyone seeking to capitalise on intangible investment opportunity, or at least, the loss that comes with their investments, in

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