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South Africa Cracks Down on Crypto Traders Who Dodge Taxes

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Mon, 20/08/2018 - 19:55
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South Africa Cracks Down on Crypto Traders Who Dodge Taxes
Cover image via U.Today
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SA Revenue Service (SARS) is currently working hard in order to track down cryptocurrency traders who avoid paying taxes. SARS imposes an ordinary income tax on all crypto-related earnings. South African regulators have defined cryptocurrencies as intangible assets, so they do not have the status of official currencies.    

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Those individuals who will be eventually caught are in danger of being investigated by the abovementioned commission. Finding tax evaders in South Africa is not an easy task since many of them use foreign bank accounts as a precautionary measure.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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