Navigating the Crypto Tax Maze in South Africa
It’s concerning that only a small percentage of South Africans are reporting their cryptocurrency. As the South African Revenue Service (SARS) intensifies its tracking efforts, those who don’t comply could face significant penalties. In this post, I’m diving into the current landscape of crypto tax compliance in South Africa, how technology is being used for enforcement, and practical tips for crypto holders to stay on the right side of the law.
Disparity in Compliance for Cryptocurrency Payments
Believe it or not, around 6 million South Africans are thought to own cryptocurrency, but only about 17,000 of them have declared it to SARS. This discrepancy is staggering and shows the extent of undeclared crypto wealth in the country….
