The South African Revenue Service (Sars) has issued a clear warning to crypto asset holders and traders: compliance is the path of least resistance, while non-compliance could lead to heavy financial and legal consequences.
With over 5.8 million South Africans now holding crypto assets and southern Africa witnessing one of the highest uptakes of crypto assets globally, Sars has made it a priority to ensure accurate and complete tax declarations from those holding crypto.
The recent notification that taxpayers have received regarding crypto asset trading activities underlines that Sars has received transaction data from crypto exchanges, revealing undeclared trades by taxpayers who may have omitted to correctly report these on their tax returns.
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