Bitcoinist - The South African Revenue Service (SARS) urges taxpayers to voluntarily disclose their cryptocurrency holdings through its Voluntary Disclosure Programme, warning against tax evasion and collaborating with exchanges and the FSCA

https://bitcoinist.com/south-african-revenue-service-cracks-down-on-crypto-with-new-tax-rules/

The South African Revenue Service (SARS) is urging taxpayers to voluntarily disclose their digital currencies and crypto assets through its Voluntary Disclosure Programme (VDP) to promote transparency and compliance.

With the growing popularity of cryptocurrencies like Bitcoin and Ripple, SARS warns against tax evasion, noting that many citizens fail to declare their holdings.

SARS is working with exchanges and the Financial Sector Conduct Authority (FSCA) to ensure compliance, using AI and machine learning to track transactions, while emphasizing penalties for non-compliance.