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South Africa’s Tax Agency Is Clamping Down on Crypto Users: Repor

The South African Revenue Service (SARS) is allegedly sending taxpayers audit requests asking those who have held cryptocurrencies to disclose their trading activity

SARS has sent the requests to a number of taxpayers who, in turn, contacted professional tax services firm Tax Consulting South Africa, reported local IT news site MyBroadband on Tuesday.

According to Coindesk, responding taxpayers need to provide the reasons for buying cryptocurrency, as well as details of any exchanges from trading platforms and bank statements.SARS’ action means the government is cracking down on non-compliant cryptocurrency traders in the nation, according to the tax consultancy.

The firm said in the report:“

It is feasible to understand that SARS is in the process of ensnaring culpable taxpayers who have not disclosed their cryptocurrency-related trading profits and or losses.”

In recent news, South Africa’s financial market regulator is allegedly seeking greater oversight of the cryptocurrency trading industry following the collapse of a bitcoin (BTC) company alleged to have been the nation’s biggest Ponzi scheme.

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