SARS Targets Crypto Tax Dodgers

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Golden cryptocurrencys Bitcoin, Ethereum, Litecoin and mound of gold. r.classen / Shutterstock.com
Golden cryptocurrencys Bitcoin, Ethereum, Litecoin and mound of gold. r.classen / Shutterstock.com

The SA Revenue Service (SARS) commissioner is looking into ways of identifying cryptocurrency traders who might be dodging tax, according to a report by the City Press.

Acting SARS commissioner Mark Kingon said though the taxman expected tax to be paid on cryptocurrency gains, it was still trying to find a clear-cut way of identifying the traders.

“The key thing is identifying people who are trading because it’s easy to say cryptocurrency gains must be deductible, but there are also those who lose. That’s why it’s important to identify the trader,” he said, according to the newspaper, at the Institute of Internal Auditors SA conference in Sandton this week.

Kingon said SARS had certain ways of identifying traders, but there was no clear-cut way of tackling the issue as some had foreign bank accounts and might be transacting in foreign jurisdictions.

For more read: SARS looks into identifying noncompliant cryptocurrency ‘miners’

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