The South African tax authority is incorporating Crypto Assets into its Compliance plan.

South Africa's tax authority, SARS, has announced that Crypto Assets will be included in its Compliance plan. The authority is seeking information on Crypto users from the Financial Sector Conduct Authority (FSCA) and Crypto asset service providers. SARS recently stated that it felt necessary to take this step after noting that taxpayers did not declare encryption assets and transactions in their tax returns. According to the statement, South African law requires SARS to account for all income and assets, including cryptocurrency. In its latest comments on the issue, SARS stated that it is striving to simplify Compliance work for taxpayers and traders. At the same time, tax officials emphasized the consequences of intentional tax evasion. To achieve this goal, SARS stated that it has strengthened its audit team and adopted the latest technology.