Blockchain
Crypto traders feeling the heat from Sars
South African Revenue Services (SARS) Intensifies Scrutiny on Crypto Traders
Crypto traders in South Africa have begun receiving notices from the South African Revenue Services (SARS) indicating that their tax affairs are under review based on data received from various crypto asset exchanges. SARS warns that failure to provide requested information could be deemed a criminal offence under the Tax Administration Act.
A Rigorous Approach to Revenue Collection
Jashwin Baijoo, head of strategic engagement and compliance at Tax Consulting SA, notes that this move is part of SARS’s comprehensive strategy to maximize revenue collection. “For years, crypto asset traders have operated under the misconception that their crypto profits were beyond SARS’s reach,” says Baijoo. “SARS has now made it clear that, just as they can demand transactional records from banks, they can do the same with crypto exchanges.”
Historical Non-Declaration Under Scrutiny
Baijoo warns traders not to assume that SARS will overlook historical non-declaration of crypto holdings, emphasizing the importance of full disclosure of both local and foreign crypto transactions for verification purposes.
Lack of Clear Guidance from SARS
According to Wiehann Olivier, partner and head of fintech and digital assets at Forvis Mazars, SARS currently lacks automatic access to crypto exchange information and must request this data case-by-case. Olivier expresses concern over SARS’s focus on prosecution without providing clear guidance to taxpayers. “SARS has not clarified when a cryptocurrency transaction is considered capital or income, merely stating that the normal rules apply,” he says.
Challenges in Record-Keeping
Maintaining accurate records of gains and losses from high-volume crypto trades, especially those involving multiple trading pairs, is challenging. Specialized tools that integrate with exchanges through API or track on-chain data are necessary. Olivier notes that while SARS is reportedly using AI to identify non-compliance, the effectiveness of this depends on the quality of data available.
Resource Limitations
Olivier also highlights the significant resources and manpower required for SARS to investigate and engage with taxpayers effectively, suggesting that the focus may primarily be on high-net-worth individuals.
Exchange Control Regulations
Another issue is the monitoring of exchange control regulations by the South African Reserve Bank, especially when traders use automated bots for arbitrage opportunities between South African and international exchanges. Olivier points out that this aspect has not received adequate attention.
Future Proficiency in Tracking Undeclared Profits
SARS is expected to become more proficient at tracking undeclared crypto profits using a combination of electronic forensic services, AI, and experienced auditors. This enhanced capability, along with the threat of criminal penalties, is likely to deter traders from evading tax obligations. Access to both local and foreign exchanges will be crucial for SARS to fully grasp the tax implications of crypto transactions.
Source: moneyweb.co
The post Crypto traders feeling the heat from Sars appeared first on HIPTHER Alerts.
Bybit Invites Traders to Embark on a Token Treasure Hunt
Blockchain
India Electronic Contract Services Market to Worth Over US$ 624.33 Million By 2033 | eSignature Demand Among Financial Institutes to Remain High Says Astute Analytica
Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
The post UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System appeared first on News, Events, Advertising Options.
-
Blockchain7 days ago
50,000+ Mined Coins and 100,000 New Users: EMCD Summarizes 2024
-
Blockchain7 days agoBlocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
-
Blockchain Press Releases6 days agoBybit P2P Unlocks 20,000 USDT Prize Pools for Select Users in South Asia and Africa
-
Blockchain Press Releases7 days ago
Bybit Lists LUNAI as AI Influencer Luna Makes Her Web3 Livestream Debut
-
Blockchain2 days ago
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
-
Blockchain Press Releases2 days ago
Bybit Champions Web3 Innovation and Strengthens Ties with Asia’s Crypto Community at Taipei Blockchain Week
-
Blockchain Press Releases7 days agoForesight Ventures Marks The Block’s Record Growth and Milestones on Acquisition Anniversary
-
Blockchain6 days agoLCT Secures VARA In-Principle Approval, Defining Its Role in Dubai’s Crypto Landscape
