For months, SARS has been clear about its plan to clamp down on crypto investors. While many may be under the impression that crypto is going under the radar, SARS is firmly taking the position that it is not.
With luxury audits being the order of the day, SARS is continuously looking into those who live luxurious lifestyles, particular those who own luxury cars and crypto assets, without declaring their income to the revenue service.
In many cases, this income pertains to the...
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Does SARS regard cryptocurrency as a real currency?
No - SARS does not regard cryptocurrency as a currency, but rather as an intangible asset. In fact, the annual tax return (ITR12) refers to 'Crypto Assets' and not Cryptocurrency. As there are currently no laws or regulations governing the use of cryptocurrency in South Africa, crypto traders or users have limited legal protection according to the general common law. In other words, if you choose to use or trade cryptocurrency you do so at your own risk.
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Earlier this year, SARS reached out to cryptocurrency platforms to access their lists of clients and information in its bid to clamp down on the wealthy.
Many South Africans have been misinformed and are under the impression that crypto-activity is under the radar. Some believe it is untraceable or that it only needs to be declared to SARS when it is traded. This is incorrect as all individuals who have bought and held crypto assets during the tax year must disclose these holdings to ...
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As most of us know by now, cryptocurrency is not real but virtual money.
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