Taxman SARS tracks crypto traders on SA exchanges


The South African Revenue Service (SARS) conducts a tax risk assessment for South African residents who are mining, speculating, and / or investing in crypto assets.

On April 6, 2018, SARS published a statement to the media entitled "SARS stance on the tax treatment of cryptocurrencies".

In that statement, SARS reminded taxpayers to disclose all cryptocurrency-related taxable income during the year that such income was received or accrued.

In order to assess the tax risks associated with the above activities, SARS has contacted South African cryptocurrency exchanges to request information on a selection of clients under Section 46 of the Tax Administration Act of 2011.

SARS has confirmed that the main purpose of collecting this information is risk analysis, which will reveal the need for future action in relation to crypto assets.

AltCoinTrader, Luno, and VALR are three cryptocurrency exchanges that have confirmed that they have received requests for transactional information regarding a small number of customers.

"VALR takes data protection and the protection of our customer data very seriously," says Farzam Ehsani, co-founder and CEO of VALR.com.

“VALR is also committed to complying with the laws and regulations that govern our business. We have teamed up with SARS to express our concern for the privacy of our customers 'data, and we have also sought legal advice on whether we are required to comply with SARS' request. Our legal advice comes to the conclusion that, according to Section 46 of the Tax Administration Act, we, together with other cryptocurrency exchanges, are obliged to provide the information requested by SARS. "

"Luno does not routinely or continuously share customer information with SARS," said Marius Reitz, Luno's general manager for Africa.

“In general, and as described in Luno's privacy policy, we will only share customer information with law enforcement and other regulatory agencies if we are required by law to do so. Luno carefully reviewed the SARS request, obtained legal advice on our commitment to comply with this requirement, and worked with SARS to ensure that its scope was limited as much as possible. However, we are legally obliged to comply with the application pursuant to Section 46 of the Tax Administration Act. "

“AltCoinTrader has always endeavored to protect our customers' privacy and to provide the tools necessary to enable compliance. For the industry as a whole to grow, stock exchanges and industry players need to work with regulators, ”said Richard de Sousa, CEO of AltCoinTrader.

"AltCoinTrader has brought in legal counsel to ensure that all information requested by regulators is in accordance with our legal obligation."

The exchanges say cryptocurrency platforms are not yet required to issue tax certificates to clients. AltCoinTrader, Luno and VALR offer customers the option to download their transaction history in order to prepare the necessary tax returns.

https://dailyaffiliatemarketingnews.com/taxman-sars-tracks-crypto-traders-on-sa-exchanges/

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