Taxing Virtual Currency: Challenges and Solutions

Bal, Aleksandra

doi:10.54648/taxi2015033

Cited by 1 publication

(2 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Although the concept of cryptocurrency can be traced back as far as 1983, it became a practical reality in 2009 with the launch of Bitcoin, which served as the prototype for the many thousands of crypto assets that exist today (Bal 2014(Bal , 2015bHileman & Rauchs 2017). Bitcoin aims to be 'an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party' (Nakamoto 2009:1).…”

Section: Terminologymentioning

confidence: 99%

See 1 more Smart Citation

An analysis of South Africa’s guidance on the income tax consequences of crypto assets

Vumazonke

Parsons²

2023

SAJEMS

View full text Add to dashboard Cite

Background: A media statement issued by the South African Revenue Service (SARS) in 2018 represents the primary guidance available to South African taxpayers on the income tax consequences of crypto asset transactions.Aim: This study assessed the adequacy of the guidelines available to South African taxpayers on the consequences of crypto asset transactions, and identified the income tax consequences for transactions not addressed in these guidelines.Setting: This study compared the scope and depth of the SARS guidelines to guidance issued in other jurisdictions. This distinguishes it from other studies focusing on the theoretical income tax consequences of crypto asset transactions.Method: The first phase of the study was an in-depth documental analysis to benchmark the SARS guidelines against the guidance of tax authorities in other jurisdictions. In the second phase of the study, a doctrinal legal research methodology was adopted to identify the income tax consequences of transactions not addressed by SARS, applying existing legislation and case law, and taking into account the guidance of the other selected tax authorities.Results: The study found that the SARS guidelines did not comprehensively address all the crypto asset transactions addressed by the other selected tax authorities.Conclusion: The study recommended that SARS provide comprehensive guidance to South African taxpayers on the income tax consequences of crypto asset transactions, the development of which would be supported by consequences identified in this study.Contribution: This study contributes to the understanding of, and development of taxpayer guidance to address the income tax consequences of crypto asset transactions in South Africa.

show abstract

Section: Terminologymentioning

confidence: 99%

“…The ATO first provided guidance on the tax treatment of cryptocurrencies to taxpayers in 2014 (Bal 2015b). It provides comprehensive guidelines on its website, which it regularly updates.…”

Section: Aus Australian Tax Office (Ato)mentioning

confidence: 99%

An analysis of South Africa’s guidance on the income tax consequences of crypto assets

Vumazonke

Parsons²

2023

SAJEMS

View full text Add to dashboard Cite

show abstract

Taxing Virtual Currency: Challenges and Solutions

Cited by 1 publication

References 0 publications

An analysis of South Africa’s guidance on the income tax consequences of crypto assets

An analysis of South Africa’s guidance on the income tax consequences of crypto assets

Contact Info

Product

Resources

About