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The South African Revenue Service is working to improve the tracking of cryptocurrency traders and their transactions in order to verify if they are paying taxes. According to its Commissioner, the agency is exploring ways to better identify those that are profiting from trading digital assets and check if they are evading taxation.
Identifying Traders is Key, Commissioner Says
SARS, the South African Revenue Service, is actively looking into ways of identifying people that are trading cryptocurrencies to establish if they are avoiding taxes due on their incomes, the acting Commissioner of the authority, Mark Kingon, revealed quoted by Fin24. During a conference organized by the Institute of Internal Auditors in Sandton this week, Kingon remarked:
The key thing is identifying people who are trading because it’s easy to say cryptocurrency gains must be deductible, but there are also those who lose. That’s why it’s important to identify the trader.
The official emphasized that identification is the main issue and the most critical aspect, Pressportal relayed. He went on to explain that as most traders use credit cards to purchase digital assets, once a noncompliant trader is properly identified, SARS can launch an investigation into the case.
Mark Kingon also noted that while the agency has its procedures in place to identify traders, dealing with the issue is not straightforward. Many of the South African crypto investors are actually using foreign bank accounts and some are conducting their transactions in other jurisdictions.
“The world is getting smaller and we are getting far more people transacting in foreign jurisdiction,” the commissioner said, adding that common reporting standards will enable authorities in different countries to do better in that respect.
Regular Tax Rules Apply to Crypto Incomes
Earlier this year, the South African Revenue Service decided that the regular tax rules should apply to incomes and profits from crypto-related transactions. Taxpayers in the country were told they were expected to include gains and losses from trading cryptocurrencies in the taxable income reported on their tax returns.
“The onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year in which it is received or accrued. Failure to do so could result in interest and penalties,” SARS warned in April, as news.Bitcoin.com reported. Along with the statement, the authority acknowledged it had received many calls to clarify the matter and provide guidance on reporting crypto incomes for taxation purposes. It also insisted no separate interpenetration of the regulations was needed.
The popularity of cryptocurrencies is continuing to grow among South Africans and in the region as a whole, and the need for clarity in regards to crypto taxation has increased. In July, the South African Treasury put forward several amendments to the country’s tax legislation including, according to local media reports, a proposal to exempt crypto traders from VAT (value-added tax).
What is your opinion on crypto taxation? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock, SARS.
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Thailand’s largest movie theater chain, Major Cineplex, is reportedly integrating crypto payments to allow customers to pay for its services and products with cryptocurrency, including movie tickets and popcorn. Thailand recently began regulating crypto businesses. This week, the Thai Securities and Exchange Commission started accepting license applications from crypto operators.
Largest Cinema Chain in Thailand to Accept Crypto
The largest operator of movie theaters in Thailand is building a digital payment ecosystem in the country through a partnership with Swiss payment company Rapidzpay, the Nation Multimedia recently reported.
Founded in December 1995, Major Cineplex currently lists 143 theaters throughout Thailand on its website, 43 of which are in the greater Bangkok area. The group owns “678 screens, including 7 in Cambodia and 9 in Laos, and plans to expand to 1,000 screens by 2020,” Forbes reported in May last year.
Among the group’s properties is Thailand’s largest multiplex, the Paragon Cineplex, with 16 screens, 5,000 seats, and an Imax theater. It is located in one of Bangkok’s most prestigious shopping malls, the Siam Paragon, known for its luxury goods, floors of restaurants, an aquarium, an art gallery, a large bowling alley, a karaoke center, and a concert hall. It was also at the Paragon Cineplex that Major Group and Rapidzpay signed their partnership agreement.
Merchants can use Rapidz point-of-sale system to accept cryptocurrencies as well as fiat currencies, the Nation detailed. “Major and Rapidzpay will integrate cryptocurrency payments into established payment gateways to make payment for Major products and services more seamless, secure and efficient.”
While Major Group has not announced which cryptocurrencies will be accepted, the coins supported in both the iOS and Android Rapidzpay apps currently include BTC, BCH, and LTC.
Chanya Tamrongweenichai, the director of marketing at Major Cineplex Group, was quoted by the Nation saying the group believes “Rapidzpay will expand to our other businesses and lead the change for Thailand’s financial ecosystem to be cashless,” noting:
You’ll be able to buy any services and products from us, such as movie tickets, popcorn and other different products with cryptocurrency.
Thailand’s Crypto Regulation in Effect
Thailand’s cryptocurrency regulation recently went into effect with the Thai Securities and Exchange Commission (SEC) as the primary regulator of crypto businesses. The SEC announced last month that it will allow seven cryptocurrencies to be traded at exchanges in the country: BTC, ETH, BCH, ETC, LTC, XRP, and XLM.
The SEC’s Secretary-General, Rapee Sucharitakul, was quoted explaining this week that “the SEC is (now) open for application approval for operating a digital asset business, as the Finance Ministry’s announcement on digital asset licenses has come into force,” the Nation further detailed:
Rapidzpay is targeting a million active users in Thailand within its first year by attracting both existing and new crypto-enthusiasts who are looking for a simple and convenient platform to convert between fiat and cryptocurrency.
What do you think of Major Group adding crypto payments? Let us know in the comments section below.
Images courtesy of Shutterstock, Thai SEC, Rapidzpay, and Major Group.
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