South Africans have always been keen to work and live abroad, and this trend looks set to strengthen as the country’s political and economic fortunes remain precarious.

A recent study shows that even with the rise of digital working, 59% of South Africans (56% of young people and 61% of highly educated people) are willing to relocate. But, says Thomas Lobban, Legal Manager for Cross-Border Taxation at Tax Consulting South Africa, working abroad creates a host of potential tax challenges for which a strategy must be developed.

“Most taxation challenges related to the expatriate life can be satisfactorily resolved but the right steps need to be taken from the begining,” he says. “It’s never too early to speak to a tax consultant who understands the intricacies of expatriate taxation—it may be too late if you leave things to filing season.”

In terms of a new tax law effective from 1 March 2020, only the first R1.25 million of employment income earned in foreign countries may be exempt from tax in South Africa, provided that more than 183 days are spent outside the country in a 12-month period, and at least 60 of those days are continuous.

Any income above R1.25 million will be taxed in South Africa at the individual’s relevant marginal tax rate, but he or she may further be able to claim a proportional credit for taxes already paid in the foreign country on that income.

The overarching principle is that individuals (and corporations) should not have to pay tax twice on the same income or assets. To that end, South Africa has double taxation agreements with 83 countries (find a full list on the SARS website).

However, says Mr Lobban, what most people do not realise is that a double tax agreement does not just automatically kick in—this relief must be claimed, and the taxpayer must be prepared to provide the necessary evidence to back the claim up.

“Many people think they can simply decide where they are tax resident but, in truth, their status will be determined by the statutory and other criteria the tax authorities use to determine tax residency,” he explains. “It can often happen that an individual is deemed to be a tax resident of both South Africa and the other country.”

In that instance, a so-called “tie-breaker test” may be applied, in terms of which the circumstances of the taxpayer are considered in terms of various criteria. The first of these is where the taxpayer has a permanent home available that he or she can access at any time, and/or where his or her vital personal and economic interests are located.

If that is not conclusive, then the individual’s habitual abode over an extended period would be considered, and here the number of days spent in each place would be relevant. A final consideration would be nationality.

“SARS almost inevitably audits expatriate tax returns, and this year we are seeing a huge emphasis on expatriates along with high-net-worth individuals,” Mr Lobban concludes.

“Once the audit starts, the clock is ticking, so you need to have your plan and your evidence assembled well before filing season starts, or risk finding yourself paying much more tax than you expected or otherwise landing on the wrong side of SARS.”

ENDS

MEDIA CONTACT: Rosa-Mari Le Roux, 060 995 6277, rosa-mari@thatpoint.co.za, www.atthatpoint.co.za

ABOUT Tax Consulting SA:
Tax Consulting SA offers a streamlined service in the calculation and filing of individual income tax returns, provisional income tax returns or any other more complex individual tax relate matters. Our highly qualified team of Tax practitioners are registered with SARS under controlling body of the South African Institute of Tax Practitioners (SAIT). As tax specialists, we remove the burden from clients to keep their tax affairs in good order, achieving optimal tax savings while ensuring full compliance.

For more information on Tax Consulting please visit:
Website:  http://www.taxconsulting.co.za/
LinkedIn: Tax Consulting South Africa
Facebook:Tax Consulting South Africa

Authored by: Thomas Lobban, Legal Manager, Cross-Border Taxation at Tax Consulting South Africa.

If a South African expatriate had to describe the year 2020 in one word, “uncertainty” would no doubt rank as one of the most appropriate. Even before the world was hauled into turmoil by the COVID-19 pandemic, South African expatriates were already faced with the many unknowns that would be ushered in by the “expat tax” era.

The situation is exacerbated by the fact that taxpayers have unimpeded access to quick and easy tax advice peddled by “experts” on social media. Worse yet, these pundits often have contradicting views, which is to be expected, as it involves an area of taxation that is multi-dimensional and quite complex.

We have seen particular discord in relation to the relief provided under a Double Tax Agreement (DTA), specifically where taxpayers wish to avail themselves to the relief under the residency article of the DTA. The below points aim to clarify the most prevalent misconceptions in these cases.

1. Residency v taxing rights
A fundamental clarification that must be made is how the DTA provides relief. A less common misconception is that where there is a DTA between the host country and South Africa, the income earned in the host country is not taxable in South Africa because the host country has the sole taxing right. This is incorrect.

When it comes to income earned from employment, most DTAs give the sole taxing right to the country of residence, unless the employment is exercised in a host country, in which case (subject to certain exclusionary circumstances) both countries will have a right to tax the income in question.

The result is that, as a South African tax resident, your income remains subject to tax in South Africa. The fact that the host country has a dual taxing right might bring relief when it comes to claiming tax credits in South Africa, but this is not the form of relief that informs our current discussion.

The relief that is far more powerful is that provided under the residency article of the DTA. If applied correctly, this article may override the provisions of the Income Tax Act, which means that a person may be regarded as non-resident by virtue of the DTA, irrespective of the fact that they meet the residency tests under domestic tax law. On the strength of the DTA, the taxpayer will be treated as a non-resident for a particular period.

2. DTA relief applies automatically
The most dangerous misconception is likely that the mere existence of a DTA between South Africa and a taxpayer’s host country means they qualify automatically for DTA relief. This is incorrect.

The truth is that each taxpayer’s facts must be assessed individually to determine if the underlying requirements of a certain provision of the DTA have been satisfied. Assumptions are particularly problematic when it comes to the residency article, as the underlying requirements are very much fact driven. Moreover, whilst DTAs are generally uniform, the residency article tends to have subtle differences across the DTAs concluded with different contracting states, making a blanket approach even more perilous.

3. No requirement to file returns
Flowing from the discussion under the previous point, taxpayers often mistakenly believe they are absolved from filing returns when they rely on the DTA. This is incorrect.

DTA relief is an exemption that must be “claimed” and, unfortunately, SARS does not allow taxpayers to make this determination unchecked and unchallenged. Same as when a taxpayer claims the exemption under section 10(1)(o)(ii) of the Income Tax Act, as a resident under South African law, you are required to file your return and to claim the relevant relief.

This provides SARS with the opportunity to verify if you satisfy the requirements of the exemption. Where you do not file a return, you are making a material non-disclosure. The effect is the statute of limitations for making additional assessments does not apply, meaning SARS can re-open any historic tax period.

A potential misconception in itself is that if the DTA applies to your facts, you qualify for the relief until your circumstances change. Theoretically, this may be the case, but practically, on account of your filing obligation, the determination of the applicability of the DTA to your facts will be done annually.

4. Residency certificates guarantee relief
Residency certificates generally state that a taxpayer is considered to be resident for purposes of tax in the host country. Certain advisors are of the belief that such a certificate means they are no longer resident in South Africa or, again, that they are automatically considered exclusively resident of the host country under the DTA. This is incorrect.

The residency certificate confirms that the taxpayer is considered resident for purposes of the host country’s domestic tax legislation. This does not override the fact that a taxpayer is resident under the Income Tax Act. At best, this will mean the taxpayer will have dual-residency status, which then means the taxpayer is eligible to apply the tie-breaker test under the residency article of the DTA.

In other words, the residency certificate my serve as your ticket to the ball game, but that is where it stops. It is entirely possible to possess a residency certificate from your host country without qualifying for DTA relief.

In the same vein, one must not conflate a tax residency certificate with a residency permit – this is one of the biggest missteps fly-by-night advisors make. Where you claim DTA relief on the strength of the latter, you may be in for a nasty surprise.

5. You are still liable for difference between host country and SA tax
A misunderstanding that arguably emerged in Middle Eastern countries is that when DTA relief applies, you are still liable to pay the difference in taxes in South Africa. The misconception seems to flow from a conflation of DTA principles and the claiming of tax credits. This is incorrect.

Generally, where DTA relief is claimed correctly, the taxpayer is no longer subject to tax in South Africa on employment income earned in respect of services rendered in the host country. This is not affected by the taxes, or lack thereof, payable in the host country.

Take away
Historically, before the “expat tax” was introduced, DTA relief was likely under-utilised by South African expats. Arguably, this is why there is a lack of understanding in the market of how it applies. Nevertheless, the potential relief afforded under a DTA is profound – it is possible to exempt your foreign earned employment income entirely.

But this must be coupled with a word of caution – the DTA is not an elixir that guarantees absolution from South African taxation. Tax practitioners who claim DTA relief without understanding the underlying legal principles and the practical requirements do so at the peril of their own clients.

ENDS
 
MEDIA CONTACT: Rosa-Mari Le Roux, 060 995 6277, rosa-mari@thatpoint.co.za, www.atthatpoint.co.za

ABOUT Tax Consulting SA:
Tax Consulting SA offers a streamlined service in the calculation and filing of individual income tax returns, provisional income tax returns or any other more complex individual tax relate matters. Our highly qualified team of Tax practitioners are registered with SARS under controlling body of the South African Institute of Tax Practitioners (SAIT). As tax specialists, we remove the burden from clients to keep their tax affairs in good order, achieving optimal tax savings while ensuring full compliance.

For more information on Tax Consulting please visit:
Website:  http://www.taxconsulting.co.za/
LinkedIn: Tax Consulting South Africa
Facebook:Tax Consulting South Africa

Along with the rest of the world, South Africans have shown an appetite for cryptocurrencies. While the size of the market remains unclear, Coinmarketcap gives a figure of $210 billion for the global market, and approximately R6.5 billion for the South African market.

While the true figures remain unclear, what is clear is that SARS has cryptocurrency trading very much in its sights, says Thomas Lobban, Legal Manager, Cross-Border Taxation at Tax Consulting South Africa.

“Bitcoin and other cryptocurrencies have notched up huge gains in past year and more—Bitcoin gained approximately 224% in 2020, for example. Given these returns, it’s unsurprising that South Africans are looking at crypto as an investment opportunity, but few realise the tax implications of such a move,” Mr Lobban says.

“As with any other asset class, investors must understand their tax obligations in relation to their crypto investments, and plan accordingly. If they do not, the chances are they could find themselves facing an unwelcome tax bill down the line.”

SARS’s interest in the possible tax revenues to be gained from cryptocurrency have certainly been strengthened by this year’s budget, in which Minister Tito Mboweni raised the budget allocation to SARS for the year by R3 billion.

High-net-worth individuals, offshore investors and cryptocurrency investors have explicitly been targeted as areas likely to yield much of the extra tax sought to be collected by SARS off the back of this additional budget allocation.

However, many taxpayers are oblivious of the fact that trading in cryptocurrency renders them liable for tax or how and when tax is levied on their cryptocurrency gains made.

Depending on how and why the trades are conducted, some crypto transactions could be deemed to be capital in nature and thus liable only for capital gains tax—however, other transactions could be deemed to be revenue-earning in nature, and would thus be taxed according to the taxpayer’s normal tax rate as per the tax tables.

“Based on our work with clients, it’s clear that a major misconception is that a ‘tax event’ only occurs when the cryptocurrency is withdrawn and converted into legal tender, but that’s not true. If a trade is made between, say, Bitcoin and Ethereum, the notional profits of that transaction would also be taxable,” Mr Lobban says.

“While there is as yet no legislation forcing cryptocurrency platforms to report on their clients outside of the general provisions of the relevant tax Acts, such as financial service providers are required to do, the walls are closing in fast.”

SARS has already begun asking for information on crypto transactions on audit letters issued to taxpayers, and this means that non-compliant taxpayers will either have to lie (and risk incurring further penalties and back tax later) or reveal their trading history. Not providing accurate answers constitutes a criminal offence, Mr Lobban adds.

In addition, SARS is investing heavily in its IT capabilities which will enable it to analyse financial and transaction data more effectively, and identify transactions in and out of crypto platforms. Using foreign bank accounts is not a solution either because South Africa is party to numerous agreements which enable automatic reporting between jurisdictions.

“We all create digital tracks in our online activity, and there is really no place to hide, and SARS is definitely adopting a zero-tolerance approach to all tax evasion,” Mr Lobban says. “However, it must also be said that paying one’s tax will not make investing in crypto unprofitable provided one plans properly.”

Tax Consulting South Africa will be hosting a seminar on the tax implications of investing in cryptocurrency. The webinar will also cover the common pitfalls and how to avoid them. Register here

ENDS

MEDIA CONTACT: Rosa-Mari Le Roux, 060 995 6277, rosa-mari@thatpoint.co.za, www.atthatpoint.co.za

ABOUT Tax Consulting SA:
Tax Consulting SA offers a streamlined service in the calculation and filing of individual income tax returns, provisional income tax returns or any other more complex individual tax relate matters. Our highly qualified team of Tax practitioners are registered with SARS under controlling body of the South African Institute of Tax Practitioners (SAIT). As tax specialists, we remove the burden from clients to keep their tax affairs in good order, achieving optimal tax savings while ensuring full compliance.

For more information on Tax Consulting please visit:
Website:  http://www.taxconsulting.co.za/
LinkedIn: Tax Consulting South Africa
Facebook:Tax Consulting South Africa

Authored by: Thomas Lobban, Legal Manager, Cross-Border Taxation at Tax Consulting South Africa
 
There are many South Africans who have made investments into cryptocurrency, and we see all types of traders and investors on a daily basis. It has announced a new dawn of investment world-wide and regulators world-wide have been sluggish to respond. However, it is now firmly on the tax radar for revenue authorities world-wide; and the position of SARS seems to be no different.
 
The walls are closing in on crypto traders
In the 2021 Budget Speech, Minister Tito Mboweni announced that SARS will be provided with an additional allocation of R3 billion to “modernise its technology infrastructure and systems, expand and improve the use of data analytics and artificial intelligence capabilities, and participate meaningfully in global tax compliance initiatives”.
 
In addition to audit letters recently sent to taxpayers enquiring about their cryptocurrency-related holdings and activities, the Commissioner of SARS, Edward Kieswetter, has further stated following the 2021 Budget Speech that “[u]ndisclosed offshore assets, including crypto-assets such as bitcoin, will be a big area of focus.”
 
SARS seems to be looking at cryptocurrency as an area of additional tax revenue, and with the ability to raise 100% penalties and strengthening of criminal offenses provisions where an innocent mistake can now give you a criminal record, the law is very much in SARS’ corner. Now, the infrastructure is already being put in place to ensure that the shortfalls of SARS’ current information-gathering and tax revenue collection mechanisms are systematically closed.
 
SARS has already included questions concerning cryptocurrency in the capital gains tax portion of tax returns, and have further created source codes for cryptocurrency-trading profits (​2572) and losses (2573) respectively. This means that there is no room for a taxpayer to manoeuvre in light of non-disclosure in their returns.
 
United States Example – Are They Smarter?
The much feared Internal Revenue Service (IRS) has similarly embarked on a drive to bring previously undisclosed cryptocurrency amounts into their tax net. However, compared to SARS, it appears that the IRS is taking a much more robust approach, as no one messes with the IRS.
 
The United States have strategically placed the question about cryptocurrency holdings on page one of their tax returns (known as a 1040, which makes for a joint tax filing by a family). All United States citizens and green card holders are thus forced to answer accurately, eliminating any defences later.
 
Their question reads whether the relevant taxpayer did, at any time in the tax year, “receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency”.
 
This means that, regardless of whether or not and how cryptocurrency was acquired by the taxpayer, they are expected to disclose this to the IRS. In 2019, more than 10 000 letters were sent to taxpayers who had carried out crypto transactions and who may have failed to report their income and pay the tax owed.
 
In South Africa, it seems better late than never for SARS, who are only recently engaging in their cryptocurrency compliance and enforcement project. Nevertheless, this does not mean that taxpayers should expect any leniency from SARS for incorrectly or undisclosed cryptocurrency transactions. SARS is increasingly being forced into a space where it must drop its soft gloves approach in helping taxpayers being compliant and putting up billboards about how good taxes are for the country. They now have the additional R3 billion allocated towards SARS for this purpose, and it appears that they have been given 3,000 million to go out and collect even more.
 
Full disclosure to mitigate exposure
Contrary to what many traders and investors believe, cryptocurrency can be tracked and traced with the correct expertise and resources. This may be through direct questions posed by SARS to a taxpayer in terms of an audit letter, or by way of more indirect questions (e.g., asking questions with reference to outbound money transfers by the taxpayer and withdrawals from known cryptocurrency platforms). Remember, technology does not forget and once you have clicked on even a cryptocurrency ad, your digital footprint is already there.
 
Taxpayers need to understand the tax treatment applicable to cryptocurrency trading ahead of time and take the necessary steps to ensure they are able to meet their obligations. If taxpayers have already been trading in cryptocurrency and have not given the tax consequences much thought, it may be wise to seriously start considering the regularisation of their affairs with SARS.
 
Recent changes to our tax laws in South Africa mean that SARS no longer has to prove that someone had an intention to commit a criminal tax offence. Instead, only negligence on the part of the taxpayer needs to be proved. Upon conviction, a taxpayer may be fined or sentenced to up to two years in prison and, if found to have attempted tax evasion or to obtain an undue refund, this may result in them spending up to five years in prison.
 
It is clear that cryptocurrency remains a key concern for revenue authorities and the issue will not be going away any time soon. As SARS continues to evolve its infrastructure to clamp down on non-compliance in relation to cryptocurrency, taxpayers need to be mindful of their obligations and render unto Caesar what is due or face the consequences of continued non-compliance.

ENDS

 
MEDIA CONTACT: Rosa-Mari Le Roux, 060 995 6277, rosa-mari@thatpoint.co.za, www.atthatpoint.co.za
 
ABOUT Tax Consulting SA:
Tax Consulting SA offers a streamlined service in the calculation and filing of individual income tax returns, provisional income tax returns or any other more complex individual tax relate matters. Our highly qualified team of Tax practitioners are registered with SARS under controlling body of the South African Institute of Tax Practitioners (SAIT). As tax specialists, we remove the burden from clients to keep their tax affairs in good order, achieving optimal tax savings while ensuring full compliance.
 
For more information on Tax Consulting please visit:
Website:  http://www.taxconsulting.co.za/
LinkedIn: Tax Consulting South Africa
Facebook: Tax Consulting South Africa

In this year’s budget speech, Minister of Finance Tito Mboweni steered a course between providing some relief to beleaguered taxpayers after a challenging year while still trying to stick to the government’s existing fiscal plans, says Thomas Lobban, Legal Manager for Cross-Border Taxation at Tax Consulting South Africa.

“The budget brings relief to individual taxpayers by raising the brackets on personal income tax by 5%, which is above inflation, and proposed tax increases of R40 billion have been scrapped—for the moment at least.

At the same time, though, the Minister highlighted a concerted effort to increase SARS’s ability to bring wealthy individuals using complex financial arrangements in concealing assets to book,” he says.

“It appears as though the tax authorities are already taking great strides in investigating high-net-worth individuals suspected of non-compliance.”

He points out that this approach follows the recommendations of the Davis Tax Committee to strengthen existing methods for obtaining information on and collecting tax from wealthy individuals. The budget makes provision for an extra R3 billion for SARS to expand its technology infrastructure and expand its specialised audit and investigative unit.
“This is encouraging for taxpayers who may have felt that SARS was previously concentrating on easy targets or low-hanging fruit,” he argues.

Overall, Mr Lobban worries that the budget rests on a somewhat optimistic view of the economy’s potential for growth, with forecasts revised upwards to 3.3% for 2021 and then 1.9% in subsequent years. Growth forecasts have been too optimistic in the past, and if this proves to be the case again, it could undercut the budget.

A surprising move was the drop in the corporate tax rate by 1% to 27%, which will definitely be seen as supporting the President’s growth and job-creation agenda.

However, says Mr Lobban, this decrease should be treated with circumspection as the Minister also announced that interest deductions and assessed losses would be limited.

“The overall impact of these measures needs to be carefully assessed,” he says.

As expected, so-called sin taxes on alcohol and tobacco were increased, but the 8% quantum was perhaps higher than most expected. These taxes are frequently seen by finance ministers as soft targets but, says Mr Lobban, the large increase comes on the heels of mammoth losses in both industries during the various lockdowns.

“We know from our lockdown experience that consumers are willing to turn to illicit suppliers when they cannot obtain their desired tobacco or alcohol products, and higher prices now might have the unintended consequence of reinforcing that trend—with damaging effects on the fiscus,” he says.

“It is to be hoped that SARS’s increased capabilities and funding will be used to bring the illicit trade in alcohol and tobacco into the tax net.

“One could argue that the sustained effort to strengthen and expand SARS’s capability to identify even the most sophisticated tax-evasion schemes, and bring defaulters into line, is the biggest story of the day.”

ENDS
 
MEDIA CONTACT: Rosa-Mari Le Roux, 060 995 6277, rosa-mari@thatpoint.co.za, www.atthatpoint.co.za

ABOUT Tax Consulting SA:
Tax Consulting SA offers a streamlined service in the calculation and filing of individual income tax returns, provisional income tax returns or any other more complex individual tax relate matters. Our highly qualified team of Tax practitioners are registered with SARS under controlling body of the South African Institute of Tax Practitioners (SAIT). As tax specialists, we remove the burden from clients to keep their tax affairs in good order, achieving optimal tax savings while ensuring full compliance.

For more information on Tax Consulting please visit:
Website:  http://www.taxconsulting.co.za/
LinkedIn: Tax Consulting South Africa
Facebook:Tax Consulting South Africa
​

Authored by: Thomas Lobban, Legal Manager for Cross-Border Taxation at Tax Consulting SA 

With South Africa and the world at large facing an economic downturn as a result of various factors, not the least of which being the Covid-19 pandemic, SARS is on a mission to plug the existing gaps in tax revenue collection and compliance.

It is no stretch of the imagination to believe that cryptocurrency must be high on the list of SARS’ compliance concerns, given how it has existed under little-to-no regulation and these transactions are often easily concealed. Indeed, cryptocurrency has been steadily increasing in its popularity as a speculative investment by South Africans and, it appears, is now squarely within SARS’ focus.

A Request by SARS
When a taxpayer files a tax return, SARS may (in many cases) send a request for verification or “audit request” in which it seeks clarification and / or supporting documentation from a taxpayer. The information sought by SARS is inevitably linked to the disclosures made by the taxpayer in that return. This is a preliminary step taken by SARS in audit proceedings, and it is crucial that a taxpayer prepare themselves accordingly for this ahead of time.

Tax Consulting South Africa has recently been approached by taxpayers who were presented with a SARS audit request. These requests posed standard questions as would be expected on the taxpayers’ returns, but also went further to request the following:

• The purpose for which the taxpayers purchased cryptocurrency; and
• A letter from the trading platform(s) confirming the investments and the relevant trading schedules for the period and bank statements.

This would have been reasonably expected by the taxpayers, if they had made any disclosure of cryptocurrency-linked trading amounts in their returns, along with the rental amounts and certain investments that were indeed disclosed to SARS. However, in this case, we had explicitly confirmed that the taxpayers had not, to their knowledge, ever effected a cryptocurrency-related transaction.

While this is certainly a first, it is certainly the kind of approach by SARS that taxpayers should expect moving forward.

Playing by the Rules
In the first instance, taxpayers should already know that it is a criminal offence where a taxpayer wilfully fails to submit a document or information as requested by SARS or makes a false statement to SARS. It is no longer material whether the taxpayer concerned had justification for such non-disclosure or false statement made.

This means that a taxpayer who fails to correctly disclose their cryptocurrency-related income or comply with an audit request by SARS to this effect may be convicted for an offence and be liable to a fine or imprisonment for up to two years.

In light of this recent change to our tax laws, it is feasible to understand that SARS is in the process of ensnaring culpable taxpayers who have not disclosed their cryptocurrency-related trading profits and / or losses. While further cryptocurrency regulation is certainly on its way, and with the international Common Reporting Standards now in full swing, audit requests are still a primary weapon in SARS’ arsenal and the walls are closing in on non-compliant cryptocurrency traders.

So, when is SARS disclosure required? A misconception often harboured by taxpayers is that they do not owe any tax liability on their cryptocurrency-related income and do not need to make any disclosure to SARS to this effect. This is, unfortunately, not the case.

When SARS Disclosure is Required
From the outset, it should be known that all cryptocurrency transactions will bring tax consequences for a taxpayer. A tax disclosure obligation does not only arise where a cash balance is withdrawn from a trading platform – all transactions that have been made (whether a transaction of cryptocurrency for money or cryptocurrency for other cryptocurrency) must be disclosed to SARS.

Taxpayers should take the time to consider and understand the tax consequences when dealing with cryptocurrency, in order to prevent being caught off guard upon a SARS inquiry to this effect. Any taxpayer who has not disclosed cryptocurrency held or traded should immediately seek professional guidance in getting their tax affairs in order. Alternatively, where you have never bought or sold cryptocurrency previously, it is important to proceed with caution when responding to an audit request.

As has been well reported, SARS is well within their rights to compel a taxpayer to respond to an audit request. Failing to disclose any relevant amounts or respond to an audit request correctly could well result in substantial penalties or harsh criminal sanctions.

There is little doubt that SARS is pursuing non-compliant cryptocurrency traders, so it is best for these taxpayers to stay ahead of the curve and ensure that their tax affairs in order beforehand. Click here to view the SARS audit request mentioned above.

ENDS
 
MEDIA CONTACT: Rosa-Mari Le Roux, 060 995 6277, rosa-mari@thatpoint.co.za, www.atthatpoint.co.za

ABOUT Tax Consulting SA:
Tax Consulting SA offers a streamlined service in the calculation and filing of individual income tax returns, provisional income tax returns or any other more complex individual tax relate matters. Our highly qualified team of Tax practitioners are registered with SARS under controlling body of the South African Institute of Tax Practitioners (SAIT). As tax specialists, we remove the burden from clients to keep their tax affairs in good order, achieving optimal tax savings while ensuring full compliance.

For more information on Tax Consulting please visit:
Website:  http://www.taxconsulting.co.za/
LinkedIn: Tax Consulting South Africa
Facebook:Tax Consulting South Africa