The South African Tax Authority will include cryptocurrency in its compliance plan

The South African Revenue Service (SARS) has announced that it will include cryptocurrencies in its compliance plan. The tax authority is seeking information about crypto users from the Financial Sector Conduct Authority (FSCA) and cryptocurrency service providers. SARS recently stated that after noticing taxpayers not declaring their crypto assets and transactions on their tax returns, it felt necessary to take this step. According to the statement, South African law requires SARS to account for all income and assets, including cryptocurrencies. In its latest comment on the issue, SARS said it is working hard to simplify compliance work for taxpayers and traders. Meanwhile, tax officials emphasized the consequences of deliberate tax evasion. To achieve this goal, SARS said it has strengthened its audit team and adopted the latest technology.