South Africa Cracks Down on Crypto Traders Who Dodge Taxes

SARS is working hard in order to track down cryptocurrency traders who avoid paying taxes. SARS imposes an ordinary income tax on all crypto-related earnings

Mon, 20/08/2018 - 19:55

South Africa Cracks Down on Crypto Traders Who Dodge Taxes

Cover image via U.Today

Read U.TODAY on

Google News

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.

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.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.