Tax consequences of the 2010 FIFA World Cup

 

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dc.contributor.advisor Cramer, Peter en_ZA
dc.contributor.author Olckers, Teresa en_ZA
dc.date.accessioned 2015-07-14T09:00:12Z
dc.date.available 2015-07-14T09:00:12Z
dc.date.issued 2011 en_ZA
dc.identifier.citation Olckers, T. 2011. Tax consequences of the 2010 FIFA World Cup. University of Cape Town. en_ZA
dc.identifier.uri http://hdl.handle.net/11427/13508
dc.description.abstract With all the excitement in South Africa about the 2010 FIFA World Cup kicking off on 11 June 2010, tax relief will be granted on import tax and VAT, amongst others, in terms of the Revenue Laws Amendment Act 20 of 2006 (hereafter referred to as RLAA). FIFA (Federation Internationale de Football Association), confirmed that SAFA may have the right to serve as a host for the 2010 FIFA World Cup, but in order to qualify 17 guarantees were to be given by South African government to FIFA which is a general requirement for all host cities. These guarantees will be provided by various government departments focusing on the financial environment, safety and security, intellectual property and marketing rights, transport and telecommunications as well as custom duties, other taxes and duties and levies by the Minister of Finance. The government of The Republic of South Africa issued several guarantees that they would comply with to meet certain requirements set out by FIFA for World Cup hosts (Wilson, 2008:1). These include, inter alia, the provision of taxation relief for qualifying individuals and entities. Trevor Manuel, former Minister of Finance, included certain provisions in the RLAA, to give effect to FIFA’s requirements. The RLAA created a tax-free bubble around the FIFA-designated sites so that profits on consumable and semi-durable goods sold within these areas will not be subject to Income tax; nor will VAT be levied. Tax relief will be given on specific goods and services for qualifying taxpayers, as defined in the Income Tax Act 58/1962 ("The Income Tax Act"), (Wilson, 2008:1). This relief system will be governed by an accompanying abuse paragraph in the legislation in order to limit any loss that may be suffered by the South African Revenue Service ("SARS"). The positive and negative impacts, which will arise from hosting such an international event, are important to discuss and consider. en_ZA
dc.language.iso eng en_ZA
dc.subject.other Taxation en_ZA
dc.title Tax consequences of the 2010 FIFA World Cup en_ZA
dc.type Master Thesis
uct.type.publication Research en_ZA
uct.type.resource Thesis en_ZA
dc.publisher.institution University of Cape Town
dc.publisher.faculty Faculty of Law en_ZA
dc.publisher.department Department of Commercial Law en_ZA
dc.type.qualificationlevel Masters
dc.type.qualificationname MCom en_ZA
uct.type.filetype Text
uct.type.filetype Image
dc.identifier.apacitation Olckers, T. (2011). <i>Tax consequences of the 2010 FIFA World Cup</i>. (Thesis). University of Cape Town ,Faculty of Law ,Department of Commercial Law. Retrieved from http://hdl.handle.net/11427/13508 en_ZA
dc.identifier.chicagocitation Olckers, Teresa. <i>"Tax consequences of the 2010 FIFA World Cup."</i> Thesis., University of Cape Town ,Faculty of Law ,Department of Commercial Law, 2011. http://hdl.handle.net/11427/13508 en_ZA
dc.identifier.vancouvercitation Olckers T. Tax consequences of the 2010 FIFA World Cup. [Thesis]. University of Cape Town ,Faculty of Law ,Department of Commercial Law, 2011 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/13508 en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Olckers, Teresa AB - With all the excitement in South Africa about the 2010 FIFA World Cup kicking off on 11 June 2010, tax relief will be granted on import tax and VAT, amongst others, in terms of the Revenue Laws Amendment Act 20 of 2006 (hereafter referred to as RLAA). FIFA (Federation Internationale de Football Association), confirmed that SAFA may have the right to serve as a host for the 2010 FIFA World Cup, but in order to qualify 17 guarantees were to be given by South African government to FIFA which is a general requirement for all host cities. These guarantees will be provided by various government departments focusing on the financial environment, safety and security, intellectual property and marketing rights, transport and telecommunications as well as custom duties, other taxes and duties and levies by the Minister of Finance. The government of The Republic of South Africa issued several guarantees that they would comply with to meet certain requirements set out by FIFA for World Cup hosts (Wilson, 2008:1). These include, inter alia, the provision of taxation relief for qualifying individuals and entities. Trevor Manuel, former Minister of Finance, included certain provisions in the RLAA, to give effect to FIFA’s requirements. The RLAA created a tax-free bubble around the FIFA-designated sites so that profits on consumable and semi-durable goods sold within these areas will not be subject to Income tax; nor will VAT be levied. Tax relief will be given on specific goods and services for qualifying taxpayers, as defined in the Income Tax Act 58/1962 ("The Income Tax Act"), (Wilson, 2008:1). This relief system will be governed by an accompanying abuse paragraph in the legislation in order to limit any loss that may be suffered by the South African Revenue Service ("SARS"). The positive and negative impacts, which will arise from hosting such an international event, are important to discuss and consider. DA - 2011 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2011 T1 - Tax consequences of the 2010 FIFA World Cup TI - Tax consequences of the 2010 FIFA World Cup UR - http://hdl.handle.net/11427/13508 ER - en_ZA


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