Alex Morris

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
South Africa Cracks Down on Crypto Traders Who Dodge Taxes

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.

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