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.
This story is from the October 31, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 31, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Scotland may be too brave
Scotland's 57-17 hiding handed to Fiji on Saturday has got all the fans up north excited about their team's prospects against the Springboks in Edinburgh this Sunday.
RECORD CHASERS
BUCS: HISTORY BECKONS IF THEY BEAT RICHARDS BAY
Jordan happier in No 10 jersey
Springbok utility back Jordan Hendrikse (below) is happy to fit in with the national team wherever he is needed, although he would prefer to feature in his main position at flyhalf.
Black Caps are 'taking on the world'
Mumbai - New Zealand batsman Daryl Mitchell hailed his side as \"a bunch of Kiwis taking on the world\" after their historic 3-0 Test series triumph in India.
Chawane hails early progress
Team captain Khanyisa Chawane (above) is pleased with the early progress shown by the Proteas netball squad under new leadership.
'Insane' Max is nudging closer
BRAZIL: ONE OF THE GREATEST WET WEATHER DRIVES
Amorim is turning to red-hot striker Gyokeres
Lisbon - Sporting Lisbon coach Ruben Amorim is relying on red-hot striker Viktor Gyokeres (right) to land a blow on future rivals Manchester City, in his final Champions League match at the helm today.
Barca keep on soaring higher
Barcelona - Dani Olmo (above) scored twice on his first start back from injury as Barcelona beat local rivals Espanyol 3-1 on Sunday to move nine points clear at the top of La Liga.
A 'beautiful challenge'
ALONSO: FORMER LIVERPOOL STAR RETURNS TO ANFIELD WITH LEVERKUSEN
Mngqithi shrugs off 'favourites' tag
Mamelodi Sundowns coach Manqoba Mngqithi (right) has dismissed his side's \"favourites\" tag after knocking Kaizer Chiefs out of the Carling Knockout on Saturday.
