M.Com. / The income tax provisions relating to foreign currency transactions was the subject of this study. Uncertainty prevailed regarding the tax treatment of such transactions in years of assessment ending before 1 January 1994. In order to address these shortcomings, a new section, governing the tax treatment of foreign currency transactions in years of assessment on or after 1 January 1994, was introduced into the Act. In the first part of the study, the historical legislation was analysed. The legislation, as it was then applied, was explained and problem areas and areas of uncertainty, discussed. It has been shown that the historical legislation was inadequate and that there was a need for the new comprehensive legislation was justified. The second part of the study covers the new legislation. The new provisions are analysed in detail and their practical application was illustrated by means of examples. It is shown that the new legislation has made a vast improvement to the historical situation and that the areas of uncertainty have been eliminated. The current legislation is also critically analysed and it was found that, except for a few minor points of criticism, the legislation had succeeded in it's aim to bring certainty to this area in our tax law.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:uj/uj:11931 |
| Date | 29 July 2014 |
| Creators | Portwig, Johannes Christiaan |
| Source Sets | South African National ETD Portal |
| Detected Language | English |
| Type | Thesis |
| Rights | University of Johannesburg |
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