Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News
      GSMA coalition targets $40 smartphone to connect millions across Africa

      GSMA coalition targets $40 smartphone to connect millions across Africa

      3 March 2026
      Discovery goes all-in on AI - Adrian Gore

      Discovery goes all-in on AI

      3 March 2026
      VC's centre of gravity is shifting - and South Africa is in the frame - Alison Collier

      VC’s centre of gravity is shifting – and South Africa is in the frame

      3 March 2026
      iOCO is mulling acquisitions as its turnaround bears fruit

      iOCO expects up to 58% jump in interim earnings

      3 March 2026
      Bold reforms needed to fix Stem education in South Africa

      Bold reforms needed to fix Stem education in South Africa

      3 March 2026
    • World
      OpenAI secures $840-billion valuation in latest funding round

      OpenAI secures $840-billion valuation in latest funding round

      1 March 2026

      Stripe mulling bid for PayPal: report

      25 February 2026
      Xbox chief Phil Spencer retires from Microsoft

      Xbox chief Phil Spencer retires from Microsoft

      22 February 2026
      Prominent Southern African journalist targeted with Predator spyware

      Prominent Southern African journalist targeted with Predator spyware

      18 February 2026
      More drama in Warner Bros tug of war

      More drama in Warner Bros tug of war

      17 February 2026
    • In-depth
      The last generation of coders

      The last generation of coders

      18 February 2026
      Sentech is in dire straits

      Sentech is in dire straits

      10 February 2026
      How liberalisation is rewiring South Africa's power sector

      How liberalisation is rewiring South Africa’s power sector

      21 January 2026
      The top-performing South African tech shares of 2025

      The top-performing South African tech shares of 2025

      12 January 2026
      Digital authoritarianism grows as African states normalise internet blackouts

      Digital authoritarianism grows as African states normalise internet blackouts

      19 December 2025
    • TCS
      Watts & Wheels S1E4: 'We drive an electric Uber'

      Watts & Wheels S1E4: ‘We drive an electric Uber’

      10 February 2026
      TCS+ | How Cloud On Demand is helping SA businesses succeed in the cloud - Xhenia Rhode, Dion Kalicharan

      TCS+ | Cloud On Demand and Consnet: inside a real-world AWS partner success story

      30 January 2026
      Watts & Wheels S1E4: 'We drive an electric Uber'

      Watts & Wheels S1E3: ‘BYD’s Corolla Cross challenger’

      30 January 2026
      Watts & Wheels S1E4: 'We drive an electric Uber'

      Watts & Wheels S1E2: ‘China attacks, BMW digs in, Toyota’s sublime supercar’

      23 January 2026

      TCS+ | Why cybersecurity is becoming a competitive advantage for SA businesses

      20 January 2026
    • Opinion
      The AI fraud crisis your bank is not ready for - Andries Maritz

      The AI fraud crisis your bank is not ready for

      18 February 2026
      A million reasons monopolies don't work - Duncan McLeod

      A million reasons monopolies don’t work

      10 February 2026
      The author, Business Leadership South Africa CEO Busi Mavuso

      Eskom unbundling U-turn threatens to undo hard-won electricity gains

      9 February 2026
      South Africa's skills advantage is being overlooked at home - Richard Firth

      South Africa’s skills advantage is being overlooked at home

      29 January 2026
      Why Elon Musk's Starlink is a 'hard no' for me - Songezo Zibi

      Why Elon Musk’s Starlink is a ‘hard no’ for me

      26 January 2026
    • Company Hubs
      • 1Stream
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CambriLearn
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • IQbusiness
      • Iris Network Systems
      • LSD Open
      • Mitel
      • NEC XON
      • Netstar
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Vodacom Business
      • Wipro
      • Workday
      • XLink
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Financial services
      • HealthTech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Policy and regulation
      • Public sector
      • Retail and e-commerce
      • Satellite communications
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Sections » Cryptocurrencies » Sars is coming for your crypto assets

    Sars is coming for your crypto assets

    The South African Revenue Service has warned taxpayers that they need to disclose details of crypto investments – or else!
    By Staff Reporter9 October 2024
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    Sars is coming for your crypto assetsThe South African Revenue Service has warned taxpayers that they need to disclose details of their cryptocurrency transactions and investments – or else!

    The tax authority said on Wednesday that it will include crypto assets in its compliance programmes in future to ensure it is collecting everything owed to it.

    It is also engaging with the Financial Sector Conduct Authority regarding the provision of information on registered crypto asset service providers and is “receiving information directly from the local exchanges”.

    Critically, it is our strategic objective to make it hard and costly for those who are wilfully non-compliant

    “Importantly, it must be underscored that through multilateral agreements Sars is exchanging information with other tax authorities globally. The provision of offshore crypto accounts will be the subject of a multilateral agreement to be signed by ministers of finance in November, which will “catalyse the cross-jurisdictional exchange of such information in respect of South African taxpayers”.

    “Sars believes that most taxpayers and traders are honest and that they expect to be assisted to fulfil their legal obligations. Pursuant to our legal mandate, Sars provides certainty and clarity about all legal obligations for taxpayers and traders,” the tax authority said in a statement.

    “Sars is also working assiduously to make it easy and simple for taxpayers and traders to seamlessly comply with their obligations. Critically, it is our strategic objective to make it hard and costly for those who are wilfully non-compliant. These efforts are intended to support our strategic intent of fostering a culture of voluntary compliance.”

    Audit teams

    As a result, Sars is expanding the capacity of its audit teams to support enforcement of crypto investments and profits. “Sars has resorted to greater use of artificial intelligence, machine learning and algorithms to process our work. In implementing our mandate, Sars has recently issued query letters to taxpayers with crypto assets,” it said. “These letters aim to gain an insight into taxpayers’ investment in crypto assets and the trades undertaken to enable Sars to assess taxpayers’ compliance in this regard.”

    Sars said its voluntary disclosure programme will help those invested in crypto assets become fully compliant. But this “opportunity” has “strict conditions”, one of which is that taxpayers must approach Sars first. “Once SARS has identified the taxpayer for audit, they are precluded from applying for the VDP.”

    It’s not surprising that Sars is keen to extract its pound of flesh from crypto: by its own estimates, more than 5.8 million South Africans hold a crypto asset.

    Read: Bitcoin debate heats up over software revamp

    “Sars is concerned that these crypto assets and trades are not being declared on the tax returns of taxpayers. It is legally obligated to account for any income or assets held by taxpayers and had previously invited crypto exchanges and those involved in trading or holding crypto assets to disclose related activities on a voluntary basis. As a follow-up, SARS will be including crypto assets into its compliance programmes,” it said.  – © 2024 NewsCentral Media

    Don’t miss:

    Crypto traders should not fear Sars disclosures: Luno

    Follow TechCentral on Google News Add TechCentral as your preferred source on Google


    Bitcoin Financial Sector Conduct Authority FSCA Sars South African Revenue Service
    WhatsApp YouTube
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleHome affairs gazettes visa reforms to attract global talent
    Next Article TCS | The Solly Malatsi interview – BEE, SOEs and Starlink

    Related Posts

    Treasury moves to bring crypto under exchange-control rules

    Treasury moves to bring crypto under exchange-control rules

    25 February 2026
    Bitcoin faces another reckoning

    Bitcoin faces another reckoning

    6 February 2026
    Crypto markets reel as bitcoin slides

    Crypto markets reel as bitcoin slides

    5 February 2026
    Company News
    Paratus Zambia adds next generation fixed wireless technology

    Paratus Zambia adds next-generation fixed-wireless technology

    3 March 2026
    Policy at the edge: PCF’s AAA+ vouchers deliver predictable data spend

    Policy at the edge: PCF’s AAA+ vouchers deliver predictable data spend

    3 March 2026
    AI-ready schools already exist - just not in physical classrooms - CambriLearn

    AI-ready schools already exist – just not in physical classrooms

    2 March 2026
    Opinion
    The AI fraud crisis your bank is not ready for - Andries Maritz

    The AI fraud crisis your bank is not ready for

    18 February 2026
    A million reasons monopolies don't work - Duncan McLeod

    A million reasons monopolies don’t work

    10 February 2026
    The author, Business Leadership South Africa CEO Busi Mavuso

    Eskom unbundling U-turn threatens to undo hard-won electricity gains

    9 February 2026

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Latest Posts
    GSMA coalition targets $40 smartphone to connect millions across Africa

    GSMA coalition targets $40 smartphone to connect millions across Africa

    3 March 2026
    Discovery goes all-in on AI - Adrian Gore

    Discovery goes all-in on AI

    3 March 2026
    VC's centre of gravity is shifting - and South Africa is in the frame - Alison Collier

    VC’s centre of gravity is shifting – and South Africa is in the frame

    3 March 2026
    iOCO is mulling acquisitions as its turnaround bears fruit

    iOCO expects up to 58% jump in interim earnings

    3 March 2026
    © 2009 - 2026 NewsCentral Media
    • Cookie policy (ZA)
    • TechCentral – privacy and Popia

    Type above and press Enter to search. Press Esc to cancel.

    Manage consent

    TechCentral uses cookies to enhance its offerings. Consenting to these technologies allows us to serve you better. Not consenting or withdrawing consent may adversely affect certain features and functions of the website.

    Functional Always active
    The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
    Preferences
    The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
    Statistics
    The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
    Marketing
    The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
    • Manage options
    • Manage services
    • Manage {vendor_count} vendors
    • Read more about these purposes
    View preferences
    • {title}
    • {title}
    • {title}