South African Taxpayers Who Fail to Disclose Income From Cryptocurrency Tradi...
According to a report, the South African Revenue Service (SARS) has sent out audit requests to taxpayers asking them to disclose their cryptocurrency trades and purchases. Taxpayers that fail to correctly disclose their income from bitcoin or other cryptocurrencies may be “liable to a fine or imprisonment for up to two years.” SARS Tracking Non-Compliant Taxpayers In the report, which is based on statements made by Tax Consulting South Africa, cryptocurrency traders are now required to state the purpose for purchasing the digital assets. In addition, crypto traders must submit....
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In late August, the South African Revenue Service (SARS) released new guidelines that clarify the correct treatment of taxable crypto events. The new guidance, which was published on the revenue collector’s webpage, explains how cryptocurrency-related income should be disclosed in tax returns. Distinction Between Income and Capital Gains Tax As shown on SARS’ crypto-asset tax webpage, “income received or accrued from crypto assets transactions can be taxed on revenue account under ‘gross income.'” Alternatively, the new guidance says such gains....
The South African Revenue Service is likely "ensnaring" non-compliant taxpayers, a tax consultancy said in a news report.
In an abrupt move, Binance South Africa announced on March 31 that all South African rand (ZAR) trading pairs will be delisted on April 2. The crypto exchange adds in a statement that “all trade orders will be automatically removed after 10.00 UTC on April 1” in each respective trading pair. Binance concludes by requesting users to withdraw all funds before the 10.00 UTC deadline. ZAR No Longer Meets the Standard In justifying the decision, Binance South Africa states that it “periodically reviews each digital asset we list to ensure it continues to meet the high level of....
A recent ban imposed by the South Korean National Police Agency will bar particular officers from purchasing additional cryptocurrencies. The announcement coincides with a report revealing a heightened domestic availability of digital coins, in comparison to the global marketplace. South Korea to Penalize National Police Agency Officers Who Fail to Disclose Crypto Holdings Officers with certain investigative and inspective responsibilities have been prohibited from buying additional cryptocurrency. Reporting on the Friday announcement suggests that Korean National Police Agency (KNPA)....
A South African High Court recently granted a provisional liquidation order against Mirror Trading International (MTI) following an application for relief by two investors who failed to withdraw their bitcoin. According to a statement released by lawyers of one of the aggrieved investors, this provisional order paves the way for the appointment of a liquidator to take control of MTI’s assets and liabilities. Provisional Order The order by the Cape Town court came after the Financial Sector Conduct Authority (FSCA) reported receiving complaints from investors who failed to withdraw....