South Africa’s Tax Agency Targets Tax-Evading Cryptocurrency Traders

South Africa’s tax agency is looking into methods for identifying tax-dodging cryptocurrency traders, the acting head of the authority has revealed.

The South African Revenue Service (SARS) is studying ways to spot non-compliant cryptocurrency traders in order to investigate any scenario of failure to declare profits from investments, acting Commissioner Mark Kingon said while speaking at the Institute of Internal Auditors SA conference in Johannesburg recently.

As reported by Fin 24, the official explained the need to identify crypto traders, stating:

“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.”

A noncompliant trader would be investigated after being identified, the official remarked, pointing to a money trail by suggesting that most traders used credit cards to buy into cryptocurrencies.

Kingon said while…