Taxation implications of Bitcoin : a South African perspective
Notice bibliographique
Résumé
Bitcoin, created by Satoshi Nakamoto, came into existence in 2008. Bitcoin is a virtual currency that has gained popularity worldwide, including in South Africa. It can be used as money or a means of payment or can be kept as an asset. For many years, virtual currencies operated free from legal regulations. Its decentralised network offers its users confidentiality because no-one can link any Bitcoin transaction to any user. This research study investigated the South African Taxation treatment of Bitcoin transactions. It also investigated the taxation legislation for Bitcoin transactions of the three countries selected for this study which are Canada, the United States of America and Australia, in order to establish best-practices that can be applied in South Africa. Bitcoin transactions can come into existence from the process of mining; obtained from barter transactions; and when purchased from Bitcoin vendors through the exchange of countries’ fiat money for Bitcoin, thus attracting taxation implications. The first research question was: What are the tax consequences of Bitcoin transactions in South Africa? This study found the following: the South African Revenue Service, cryptocurrencies are considered assets. The amount received or accumulated as per classification of gross income can be calculated using the value of cryptocurrencies. Cryptocurrency transactions can generate revenue that is subject to gross income taxation. The recipient taxpayer must include as gross income the value in South African Rands of a cryptocurrency, paid or accrued to him or her as contemplated in the definition of "revenue asset". It may be considered trading stock to receive Bitcoin with the intention of trading it for goods and services. Research Question Two was: What are the regulations governing, and tax treatment of, Bitcoin in selected countries? The findings can be summarised as follows: The United States of America (USA), Australia and Canada are clear that virtual currencies are not a legal currency and therefore cannot be classified as currency. Canada classifies virtual currencies as a commodity for taxation purposes. The USA and Canada have classified Bitcoin as property and intangible property respectively, which is similar to the approach in South Africa. The definition of a currency for all four countries is similar in the sense that there needs to be physical cash for the amount to be included as gross income for taxation purposes. Moreover, if Bitcoins are acquired with the aim of reselling or investment, Capital Gains Tax comes into play. None of the three nations' definitions of currency apply to virtual currencies. Research Question Three was: What is the difference or similarities between South African income tax consequences of Bitcoin and that of the three jurisdictions chosen for this study? The below is a summary of the results: South Africa, USA, Australia, Canada (specific that virtual currencies are not a legal tender and hence cannot be recognized as currency) Canada Taxes Crypto as a Commodity Bitcoin is labelled property by the USA and intangible property by Canada. This classification attracts Capital gains taxation, which is a similar approach to South Africa. All four nations have comparable definitions of currency, meaning that for an amount to be considered gross income for taxes reasons, actual cash must be present. Consequently, none of the four nations' definitions of currency apply to virtual currencies. Last but not least, virtual currencies are categorised as crypto assets since South Africa's asset definition encompasses assets of any kind, whether tangible or intangible. Virtual currencies were also categorised as commodities or property in Canada. The study recommends on how South Africa might enhance its current tax laws pertaining to Bitcoin transactions. The study also suggests future research that can serve as an extension of this study
Récupéré en direct depuis OpenAlex et désinversé. Les résumés ne sont pas conservés dans cette base de données : les index inversés représentent 8,6 Go des 9,3 Go de texte de la base, et le serveur dispose de 13 Go libres.
Comment cette classification a été obtenuedéplier
Prédiction machine sur la base complète
Imitation des enseignantsNi prévalence calibrée, ni vérité terrain. Validation humaine à venir. Le volet Gemma est une étiquette directe du modèle pour chaque travail de la base, lue sur la notice réduite au titre. Le volet Codex est un classifieur appris des 10 348 étiquettes directes de Codex et calibré sur les taux pondérés de l'échantillon; les champs sans appui suffisant ne portent aucun appel Codex. Le mode candidate est l'union des deux volets; le consensus est leur intersection. Ces sorties portent le statut machine_predicted_unvalidated et ne sont pas des étiquettes humaines.
Scores du classifieur distillé par catégorie (deux têtes)
| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,001 | 0,003 |
| Méta-épidémiologie (sens strict) | 0,000 | 0,000 |
| Méta-épidémiologie (sens large) | 0,000 | 0,000 |
| Bibliométrie | 0,001 | 0,002 |
| Études des sciences et des technologies | 0,002 | 0,002 |
| Communication savante | 0,004 | 0,004 |
| Science ouverte | 0,000 | 0,002 |
| Intégrité de la recherche | 0,001 | 0,002 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,006 | 0,000 |
Scores machine (provisoires)
Les deux têtes enseignantes du modèle étudiant, lues sur ce travail. Un score ordonne la base pour la relecture; il n'affirme jamais une catégorie, et le statut de validation accompagne chaque rangée tel quel.
Scores de référence d'un modèle non mature (critères de maturité non atteints, 7 itérations). Un score ordonne; il n'affirme jamais une catégorie.
score_only:v0-immature-baseline · tel quel depuis la passe de notation : score_only signifie que le nombre peut ordonner les travaux, et qu'aucune étiquette de catégorie n'en découleClassification
machine, non validéePrédiction automatique; un appel candidat d’une seule source (Gemma direct ou Codex distillé), pas un consensus.
Le détail, modèle par modèle et score par score, se trouve en fin de page sous « Comment cette classification a été obtenue ».