IN CONVERSATION WITH MARK KINGON
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Today we're talking about cryptocurrency and a new reporting
framework that could significantly change how digital assets
are monitored by tax authorities.
SARS has adopted the Crypto-Asset Reporting Framework, or
CARF, an international reporting standard developed by the
OECD. The framework will require Crypto-Asset Service
Providers to collect and report information on certain crypto
transactions to SARS, with that information also capable of
being exchanged with tax authorities in other participating
countries.
While taxpayers have always been required to declare their
crypto-related income and gains, CARF is expected to give
SARS greater visibility into crypto transactions and strengthen
its ability to identify non-compliance. Supporters say it's a
necessary step in tackling tax evasion and bringing
cryptocurrency in line with other financial assets, while critics
have raised concerns about compliance costs and data
privacy.
Joining us now to unpack what the Crypto-Asset Reporting
Framework means for South Africans, how it will work in
practice, and what crypto investors and service providers need
to know is Mark Kingon Head of LLP at South African Revenue
Services.
framework that could significantly change how digital assets
are monitored by tax authorities.
SARS has adopted the Crypto-Asset Reporting Framework, or
CARF, an international reporting standard developed by the
OECD. The framework will require Crypto-Asset Service
Providers to collect and report information on certain crypto
transactions to SARS, with that information also capable of
being exchanged with tax authorities in other participating
countries.
While taxpayers have always been required to declare their
crypto-related income and gains, CARF is expected to give
SARS greater visibility into crypto transactions and strengthen
its ability to identify non-compliance. Supporters say it's a
necessary step in tackling tax evasion and bringing
cryptocurrency in line with other financial assets, while critics
have raised concerns about compliance costs and data
privacy.
Joining us now to unpack what the Crypto-Asset Reporting
Framework means for South Africans, how it will work in
practice, and what crypto investors and service providers need
to know is Mark Kingon Head of LLP at South African Revenue
Services.
