SARS To Track Bitcoin - MnTrendsNews

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Sunday, 17 December 2017

SARS To Track Bitcoin

It is said that in life, there are only 2 sure things;  Death and Taxes, and the powers-that-be will not let that change without a fight.

The South African Revenue Service (SARS) has sought ways to get its cut from all the popularity Bitcoin has been enjoying in South Africa. The digital currency has gained so much popularity in the country that there are even options to pay parking fines with the crypto-currency.

The agency is reportedly talking with leading international companies on how to effectively track crypto-currency trading for effective taxing.

The group executive for research in SARS said;"As you can imagine it is very
difficult – the blockchain technology. Without
revealing too much – we are talking to some of the
top technology companies in the world that are
doing similar work for Canada and the UK and we
are hoping to get that technology.”

He further went on to comment that the agency was solidifying connections with South African Reserve Bank (SARB) on how to better match cross border transactions to try and make sure people have "less room to hide things".

He said that SARS is working with similar agencies in other countries on implementing new policies to tackle the issue through the Organisation for Economic Cooperation and Development (OECD)

“We were part of the OECD working groups and
that has certainly been incorporated into our policy
environment. So we are on top of it. In fact, South
Africa is cited as one of the leading implementers
of this cryptocurrency environment,” Carolissen
said.

See Also: 10 Bitcoin Apps Every Bitcoin User Should Have

This is coming after the US IRS, South Korea's National Tax Service and Income Tax Development of India have involved themselves with the currency.

It is unclear though,  what a country can do to track trading between Crypto-traders.

What do you think ? Does the SARS stand a chance of tracking and taxing Bitcoin? Subscribe to our newsletter for Bitcoin news, that's of course if you are a Bitcoin lover though

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