SARS closes the net on Bitcoin and crypto assets
The SARS has joined nearly 50 other jurisdictions around the world in pledging to adopt a new Crypto-Asset Reporting Framework (CARF) developed by the OECD and work to put it into law.
‘To keep pace with the rapid development and growth of the crypto-asset market and to ensure that recent gains in global tax transparency will not be gradually eroded, we welcome the new international standard on automatic exchange of information between tax authorities developed by the OECD,’ it said.
‘The widespread, consistent and timely implementation of the CARF will further improve our ability to ensure tax compliance and clamp down on tax evasion, which reduces public revenues and increases the burden on those who pay their taxes.’
BusinessTech reports that SARS said it intends to work towards swiftly transposing the CARF into domestic law and activating exchange agreements in time for exchanges to commence by 2027 (subject to national legislative procedures).
‘In order to ensure consistency and a smooth implementation for both business and governments, those of us that are signatory jurisdictions to the Common Reporting Standard will also implement, in line with the above timeline and subject to national legislative procedures as applicable, amendments to this standard as agreed by the OECD earlier this year,’ it said.
The CARF is a new international standard on automatic exchange of information between tax authorities.
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