Sars is on a fishing expedition looking for YOUR crypto profits - here's the tax lowdown on Bitcoin

The South African Revenue Service (Sars) has been sniffing around taxpayers for undeclared profits from trading in cryptocurrencies. This comes as SA gets set to regulate Bitcoin and other digital currencies. But, as expert Thomas Lobban of Tax Consulting South Africa underscores: you should have been declaring your trades ever since you first started trading. Jail and fines loom if Sars discovers your hidden bounty. But, there are ways to come clean - and avoid prison or a penalty, Lobban tells BizNews editor at large Jackie Cameron Learn more about your ad choices. Visit megaphone.fm/adchoices