South Africa’s Tax Agency Is Clamping Down on Crypto Users: Report
The South African Revenue Service is likely "ensnaring" non-compliant taxpayers, a tax consultancy said in a news report.
“These transactions are not anonymous,” the IRS' national fraud counsel said. “We see you.”
Local firm Bitcoin Suisse has partnered with the canton of Zug, converting cryptocurrency tax payments into Swiss francs.
The commonwealth wants to become a hub for energy-heavy businesses like crypto mining.
The bill proposes to recognize cryptocurrency as property for purposes of taxation.
If passed the bill would amend tax laws to recognize digital currencies as a form of property.