The South African Revenue Service said its efforts to expand the use of data to detect tax non-compliance is beginning to bear fruit.
“When they get you, they will want the tax, plus interest and penalties. Then you’re really in trouble.”
Owing to the soaring number of Covid-19 infections currently sweeping the country, the South African Revenue Service has announced the temporary closure of tax branches from physical visits.
It’s been more than three years since the South African Revenue Service’s media statement on cryptocurrencies. Sadly, little further has been communicated since then. By Tertius Troost.
The only reasonable course of action is to be proactive, and those taxpayers who are at risk of being “found out” should take the cue and rectify their affairs before it is too late. By Thomas Lobban.
South Africa’s three largest cryptocurrency exchanges say they have been approached by the South African Revenue Service as part of a tax risk assessment exercise on residents.
The South African Reserve Bank is studying the benefits of issuing a digital currency for general retail purposes, it said on Tuesday, in line with several other central banks.
The South African Revenue Service has been given a huge injection of R3-billion to improve its technology infrastructure and artificial intelligence capabilities.
The South African Revenue Service has published its very own Web browser, with support for Adobe Flash, to allow e-filing taxpapers to continue submitting their tax forms electronically.
South African cryptocurrency traders can expect a tightening tax net in the near future, with the revenue service paying close attention to crypto activity in the country.