SARS knows about your undeclared crypto transactions

VDP is the last-chance saloon for crypto investors to get their tax affairs in order

THOUSANDS OF South Africans who have traded or invested in crypto assets may soon face severe penalties.  SARS has started issuing letters to individuals suspected of undeclared crypto gains.  Experts warn that those who fail to act now risk not only hefty fines but also potential criminal prosecution.

According to digital asset and tax specialists at Forvis Mazars in South Africa, the window for crypto investors and traders to voluntarily regularise their tax affairs is rapidly closing as SARS strengthens its enforcement capabilities.

The Voluntary Disclosure Programme (VDP) presents a final opportunity to get their tax affairs in order.

It’s vital, therefore, to include your digital assets when drawing up your will.

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