Sars urges crypto users to register with the authority

[Daniel Puchert]

Warning to South African crypto users

South Africa’s revenue service urges those involved in crypto asset transactions to register with the authority, as it seeks to rein in tax defaulters.

“We’ve invited taxpayers, exchanges and other intermediaries to register, because now, if you don’t register, you’re breaking the law,” South African Revenue Service Commissioner Edward Kieswetter told Bloomberg in an interview on Tuesday

 

[Binary_Bark]

 

[Swa]

Blah blah. I not registered and I'm not breaking the law you fekking tool. All the more reason for you to be replaced.

 

[FiestaST]

Warnings 'R Us.

 

[Park@82]

What law specifically?

 

[Mirai]

Blah blah. I not registered and I'm not breaking the law you fekking tool. All the more reason for you to be replaced.

If you're making a profit above the tax threshold, what's the point of registering ,

I kid, I kid, I'm sure you're more resourceful.

 

[now05ster]

What law specifically?

Brannigan's law.

 

[deweyzeph]

If you are a taxpayer earning above the tax threshold then you are in any case required to register with SARS regardless. There's no special "registration" for ordinary taxpayers just because you are involved with crypto. Your only obligation is to fill in your annual tax return truthfully and correctly and possibly submit provisional tax returns if your gains are revenue in nature.

 

[NarrowBandFtw]

damn, was about to go and register, but on the way to SARS' offices I had a tragic boat accident and lost my crypto wallet keys, gone forever

guess I'm no longer a crypto user, but a have a f-off big loss to write of please SARS ...

 

[NarrowBandFtw]

What law specifically?

the Cadres Gotta Eat Act

 

[Bad Ballie]

Better to invest your money in gold bullion, not shares, but actual bullion, you are not going to become rich overnight until the Rand crashes, but you not going to lose everything either.

 

[deweyzeph]

Better to invest your money in gold bullion, not shares, but actual bullion, you are not going to become rich overnight until the Rand crashes, but you not going to lose everything either.

Personally I send every spare cent I have offshore to my offshore bank account, and then split it evenly between my US share portfolio and cash. Everybody should be making maximum use of their SDA.

 

[Kung Fu Porkchop]

Just like Eskom, SARS can f**k right off with their "you have to register" BS

 

[Smiggles]