SARS warns against failing to declare crypto returns
The South African Revenue Service has sounded a warning to taxpayers not declaring their crypto assets and trades on their returns.
SARS says that with the rise in the use of digital currencies, more than 5.8 million South Africans have crypto assets.
It says Southern Africa has the largest uptake of Bitcoin in the world.
READ: SARS receives two-pot applications worth R4.1bn
SARS says it's sent letters to taxpayers with crypto assets to inquire about their investments so that they can facilitate compliance.
It urged them to make voluntary disclosures to avoid getting in trouble with the revenue service.
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