TechFlow News, according to Bitcoin.news, the South African Revenue Service (SARS) has announced it is including cryptocurrency assets in its compliance program. The tax authority is seeking information on crypto users from the Financial Sector Conduct Authority (FSCA) and cryptocurrency asset service providers.
SARS recently stated that it took this step after noticing taxpayers failing to declare their crypto assets and transactions on tax returns. According to the statement, South African law requires SARS to account for all income and assets, including cryptocurrencies.
In its latest comments on the matter, SARS said it is working to streamline compliance for taxpayers and traders. At the same time, tax officials emphasized the consequences of intentional tax evasion. To achieve this goal, SARS said it has strengthened its audit teams and adopted the latest technologies.
