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Digital Currency - may be a 'bit player' now, but in the longer term a 'game changer' for tax

Abstract

The Prime Minister of Australia, the Hon Malcolm Turnbull MP, has announced that the tax system is one of the key levers the government has to promote economic activity and that tax is at the centre of the whole productivity agenda. This paper draws attention to how technological developments in the monetary field will have major ramifications in respect of the capacity of governments to control the economic agenda, including tax. With changes to what is "money", it might not be prudent for governments and their advisers to assume that levers to control the composition of tax which existed in the twentieth century will continue to be available in the coming decades of the twenty first century.

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Author

Portrait image of Dr Steven Stern
Dr Steven Stern
Adjunct Professor, College of Law & Justice, Victoria University, Australia

Dr Steven Stern has an extensive background in in-house practice within Government, corporations, regulatory authorities and universities. He previously worked direct to D J Rose QC, former Acting Solicitor-General and Chief General Counsel of the Commonwealth of Australia. He previously also was the Director, Legal Advice & Review Branch/General Counsel at the National Companies and Securities Commission/Australian Securities Commission, the body which preceded the current corporate regulator in Australia, the Australian Securities and Investments Commission. He has had experience in framing legislation to protect the executives of energy sector companies from extraterritorial liabilities in respect of their companies’ international trading activities.

Company

College of Law & Justice, Victoria University

Victoria University is an Australian university incorporated by an Act of Parliament of the State of Victoria in the Commonwealth of Australia.

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