Following Traders: South Africa’s Tax Agency Takes On Crypto Revenues
August 20, 2018
The South African Revenue Service is seeking ways to trace crypto operation participants to control the country’s tax legislation is observed. According to the agency’s head, this will allow for fighting tax evaders.
The key problem is identifying parties to the deal. Tax authority is seeking ways to identify them and the first clue is cards real money withdrawn to. But even this solution does not seem efficient enough as many participants have foreign bank accounts.
Earlier tax service presented its plan to impose tax on crypto operation revenues. Legislation violated, interest rates and sanctions were implied. After the statement the tax service received lots of requests to specify requirements for crypto asset revenue records.