Business & Economy

Tuesday, 14 August 2018 10:02

SARS Boss Targets Cryptocurrency Traders

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Johannesburg, 13 August 2018 - Acting South African Revenue Service boss Mark KIngon has warned that those trading in cryptocurrencies will face the long arm of the law if they do not pay taxes.Kingon was speaking at the 21st Annual Southern African Internal Audit Conference currently underway at the Sandton Convention Centre in Johannesburg. The three-day conference features a veritable Who’s Who in business, government and civil society and is hosted by the Institute of Internal Auditors SA (IIA SA).

Asked how those trading in cryptocurrencies pay tax, Kingon said identifying those involved was key. “Identification is the issue … and the most critical aspect. It is very easy to say cryptocurrency gains must be taxable.”He said most used credit cards and had foreign bank accounts which made it harder to detect.“We are looking at sources internationally. A lot of people buy cryptocurrency using their credit cards online and we are looking.

We have access to that information and we need to identify people who are trading … the key thing is identifying the person who is doing the trading.”However, he said this was not as clear cut. “That person can have a foreign bank account that they are trading from which we may not even be aware of … in terms of the broader reporting, the common reporting standards, country by country, (ensures) the world is getting smaller and we are getting far more people transacting in foreign jurisdiction. I think it is a matter of time, but it will enable us to do better.”During a question and answer session Kingon was asked what he did to stem the rot at SARS. He responded that he was not part of the executive during that period but conceded that, in hindsight, greater oversight was required within the organisation. Also scheduled to speak at the conference is governance guru, Professor Mervyn King, renowned speakers Justin Cohen and Zipho Sikhakhane, as well as award-winning journalists Busisiwe Ntuli, Jacques Pauw and David Lewis of Corruption Watch.The theme for this year’s conference is “Adapting to New Realities”.

Several prominent speakers and experts in the fields of internal auditing, governance, risk management and business will discuss best practice in internal auditing, emerging issues and a variety of business and personal development topics. A gala dinner will also be held on Tuesday, August 14, where key movers and shakers in the sector will be honoured while the recipient of the prestigious 2018 Guardian of Governance Award will also be announced.The award has previously been won by former Public Protector Thuli Madonsela as well as the “SABC 8” (the group of journalists who were fired after protesting against the broadcaster’s editorial policies).Other interesting topics to be discussed at the conference include:

  • Power: Who Is it Controlling? by author and investigative journalist Jacques Pauw,
  • Adapting to new realities by founder and CEO of EMZ Advisory Zipho Sikhakhane,
  • The whistleblower’s burden by SABC producer Busisiwe Ntuli
  • Persuasive Corruption and how it affects you by the chief director of internal audit and risk management in the Kwazulu-Natal health department, Vukani Dlamini.CEO of the IIA SA and host of the conference, Dr. Claudelle von Eck, said the advent of the fourth industrial revolution in conjunction with increasing corruption and a rising inequality, create a new reality which necessitates changes to the way business is conducted in South Africa.“This year’s conference, I believe, is the most crucial in its history. We represent 8000 internal auditors and never before have our members faced such serious challenges. Thus, self-reflection is needed while at the same time we must plan accordingly as to how do we adapt to our changing environment and circumstances.”

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About IIA SA
The Institute of Internal Auditors South Africa (IIA SA) is part of an international network representing the interests of Internal Auditors worldwide. As a part of this international network, the IIA SA upholds and supports the fundamental tenets of the profession - the Code of Ethics and the International Standards for the Professional Practice of Internal Auditing. The IIA SA supports the profession by providing a wide range of services dedicated to the education and advancement of internal auditors and dynamically promoting and developing the profession in South Africa. The IIA SA’s objectives are to build the profession, its credibility and a thriving business environment in South Africa.  

For accreditation and interview requests Cheryl NaiduPR Liaison (At Vogue Communications)Tel: +27 73 524 6034Email: This email address is being protected from spambots. You need JavaScript enabled to view it.    

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