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The efficacy of anti-avoidance provisions and control mechanisms in the Tax Administration Act 28 of 2011 and Income Tax Act 58 of 1962 in relation to the nature and utilisation of crypto currencies in the current economic culture
Mini Dissertation (LLM)--University of Pretoria, 2018.
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| Format: | Thesis |
| Language: | English |
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University of Pretoria
2019
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| _version_ | 1867613486671986688 |
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| access_status_str | Open Access |
| author2 | Fritz, Carika |
| author_browse | Fritz, Carika |
| author_facet | Fritz, Carika |
| collection | Thesis |
| dc_rights_str_mv | © 2019 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. |
| description | Mini Dissertation (LLM)--University of Pretoria, 2018. |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/70132 |
| institution | University of Pretoria (South Africa) |
| language | English |
| last_indexed | 2026-06-10T12:36:55.109Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UPSpace — University of Pretoria Institutional Repository |
| publishDate | 2019 |
| publishDateRange | 2019 |
| publishDateSort | 2019 |
| publisher | University of Pretoria |
| publisherStr | University of Pretoria |
| record_format | dspace |
| source_str | UPSpace — University of Pretoria Institutional Repository |
| spelling | oai:repository.up.ac.za:2263/70132 The efficacy of anti-avoidance provisions and control mechanisms in the Tax Administration Act 28 of 2011 and Income Tax Act 58 of 1962 in relation to the nature and utilisation of crypto currencies in the current economic culture Fritz, Carika u13078242@tuks.co.za Labuschagne, Megan UCTD Mini Dissertation (LLM)--University of Pretoria, 2018. This study aims to evaluate the existing anti-avoidance provisions contained in the Tax Administration Act No 28 of 2011 and Income Tax Act 58 of 1962 in relation to cryptocurrencies. The purpose is to evaluate whether the existing anti-avoidance provisions provide adequate means to identify and regulate the use of cryptocurrencies to prevent tax evasion. Virtual currency is an anonymous and intangible fund which consists of various forms such as centralised and decentralised virtual currency. The technology used to trade cryptocurrencies is called blockchain. This technology requires the users of the cryptocurrencies to verify the transactions which result in an authenticated and trusted transaction. In this study, the tax regulatory frameworks of cryptocurrencies in the United States of America and Canada are discussed. These countries incorporate two very different approaches in respect of the reporting duties in their respective tax legislation frameworks in an effort to prevent tax evasion. The United States of America incorporated their Currency and Foreign Transactions Reporting Act to regulate cryptocurrencies, whilst Canada introduced the reporting duty in their Income Tax Act.2 The existing anti-avoidance provisions in the South African Tax Administration Act and Income Tax Act are examined against the backdrop provided in the study of the regulatory frameworks of the United States of America and Canada. The aim is to determine whether the anti-avoidance provisions in South Africa are sufficient to prevent tax evasion and avoidance.3 The premise is that the existing anti-avoidance provisions in the South African legislative framework are insufficient and that a need to incorporate reporting duties, similar to those that can be found in the Financial Intelligence Centre Act 38 of 2001, exist.4 The new proposed tax amendment bill will also be considered to determine whether it adequately addresses the shortfalls in the current tax legislative framework in relation to cryptocurrencies.5 It was concluded that the existing anti-avoidance provisions are insufficient to adequately prevent tax evasion in respect of cryptocurrencies. It is suggested that the South African authorities incorporate a general reporting duty in respect of cryptocurrencies in one of two ways.6 The first manner to facilitate this reporting duty is to incorporate it in tax regulatory framework. In the alternative, a multi-legislative approach must be considered by amending the Financial Intelligence Centre Act, by broadening its scope of application, to include transactions related to cryptocurrency to prevent tax evasion and tax avoidance. Mercantile Law LLM Unrestricted 2019-06-02T11:40:10Z 2019-06-02T11:40:10Z 2019/04/04 2018 Mini Dissertation Labuschagne, M 2018, The efficacy of anti-avoidance provisions and control mechanisms in the Tax Administration Act 28 of 2011 and Income Tax Act 58 of 1962 in relation to the nature and utilisation of crypto currencies in the current economic culture, LLM Mini Dissertation, University of Pretoria, Pretoria, viewed yymmdd <http://hdl.handle.net/2263/70132> A2019 http://hdl.handle.net/2263/70132 en © 2019 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. application/pdf University of Pretoria |
| spellingShingle | UCTD The efficacy of anti-avoidance provisions and control mechanisms in the Tax Administration Act 28 of 2011 and Income Tax Act 58 of 1962 in relation to the nature and utilisation of crypto currencies in the current economic culture |
| title | The efficacy of anti-avoidance provisions and control mechanisms in the Tax Administration Act 28 of 2011 and Income Tax Act 58 of 1962 in relation to the nature and utilisation of crypto currencies in the current economic culture |
| title_full | The efficacy of anti-avoidance provisions and control mechanisms in the Tax Administration Act 28 of 2011 and Income Tax Act 58 of 1962 in relation to the nature and utilisation of crypto currencies in the current economic culture |
| title_fullStr | The efficacy of anti-avoidance provisions and control mechanisms in the Tax Administration Act 28 of 2011 and Income Tax Act 58 of 1962 in relation to the nature and utilisation of crypto currencies in the current economic culture |
| title_full_unstemmed | The efficacy of anti-avoidance provisions and control mechanisms in the Tax Administration Act 28 of 2011 and Income Tax Act 58 of 1962 in relation to the nature and utilisation of crypto currencies in the current economic culture |
| title_short | The efficacy of anti-avoidance provisions and control mechanisms in the Tax Administration Act 28 of 2011 and Income Tax Act 58 of 1962 in relation to the nature and utilisation of crypto currencies in the current economic culture |
| title_sort | efficacy of anti avoidance provisions and control mechanisms in the tax administration act 28 of 2011 and income tax act 58 of 1962 in relation to the nature and utilisation of crypto currencies in the current economic culture |
| topic | UCTD |
| url | http://hdl.handle.net/2263/70132 |