Sars gets its coins in a row

COMPLIANCE: SA ADOPTING NEW REPORTING STANDARDS TO CRACK DOWN ON CRYPTO

- Ina Opperman

It took governments all over the world a while to get their coins in a row to regulate cryptocurrency and tax the profit made from it. And now that South Africa adopted new worldwide reporting standards for crypto, it will almost be impossible to dodge the taxman.

Jashwin Baijoo, partner and head of strategic engagement and compliance at Tax Consulting SA, says South Africa's adoption of the Organisation for Economic Cooperation and Development's crypto asset reporting framework (Carf) and an updated common reporting standard (CRS) represents a big advance in compliance with international tax standards and the eradication of crypto tax evasion.