South African Revenue Service requires taxpayers to disclose cryptocurrency transactions

According to a report published by MyBroadband, the South African Revenue Service (SARS) has included some clear questions about cryptocurrency transactions in its new audit requirements . Taxpayers need to clearly disclose the purpose of their purchase of digital assets, as well as the relevant transaction timeline. SARS emphasizes that not reporting Bitcoin transactions or lying about it is a crime, and those who fail to comply may be sentenced to up to two years in prison.