South Africa is the only African country to join the group of countries that have agreed to implement the Crypto-Asset Reporting Framework. According to the South African Revenue Collector, the reporting framework is expected to improve its “ability to ensure tax compliance and clamp down on tax evasion.”
Tax Transparency Standard
South Africa has joined more than 40 other countries and jurisdictions in agreeing to implement the so-called Crypto-Asset Reporting Framework (CARF), a statement issued by the country’s tax collector has said. Developed by the Organisation for Economic Co-operation and Development (OECD), the CARF is a tax transparency standard whose agreement was reached in March 2023.
According to a joint statement unveiled by His Majesty’s (HM) Treasury on Nov. 10, the agreement provides a basis for the “automatic exchange of information between tax authorities on crypto exchanges.” The goal of such an exchange is to combat offshore tax avoidance and evasion.
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