South Africa’s tax agency is incorporating cryptocurrencies into its compliance program and is seeking user information from relevant service providers and the FSCA

The South African Revenue Service (SARS) announced that it will include crypto assets in its compliance program. The tax service is seeking information about crypto users from the Financial Sector Conduct Authority (FSCA) and crypto asset service providers. SARS said recently that it felt it was necessary to take this step after noticing that taxpayers did not declare crypto assets and transactions in their tax returns. According to the statement, South African law requires SARS to account for all income and assets, including cryptocurrencies. In its latest comments on the issue, SARS said it is working to simplify compliance for taxpayers and traders. At the same time, the tax officer emphasized the consequences of deliberate tax evasion. To achieve this goal, SARS said it has strengthened its audit team and adopted the latest technology. (Bitcoin.com)