Moneyweb
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3 minute read
6 Nov 2020
7:10 am

Sars eyes crypto deals

Moneyweb

Different types of cryptocurrencies can be exchanged in an attempt to evade taxes.

Picture: Moneyweb

Cryptocurrency traders can expect a tightening tax net in the near future. Cryptocurrencies such as bitcoin were designed to allow anonymous, peer-to-peer transactions anywhere in the world, and that opens up plenty opportunities to avoid tax, but there are still ways that the South African Revenue Service (Sars) can track the gains made by cryptocurrency traders, says Wiehann Olivier, partner at the Audit Division of Mazars South Africa. Sars is paying close attention to crypto activity in SA, given its widespread adoption. Over the last five years, South Africa has emerged as one of the world’s most notable cryptocurrency adopters; an...