Tax Consulting South Africa

SARS Interpretation Note (Issue 2)

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Loss of Disposal of Qualifying Depreciable Assets

Date: 29 September 2017

Act: Income Tax Act 58 of 1962

Purpose: Interpretation Note 60 (Issue 2) deals with Sections 11(o), 20B and 24M(1) of the Income Tax Act, and provides guidance, interpretation and application of section 11(o), which grants a deduction for a loss on disposal of a qualifying depreciable asset as a result of alienation, loss or destruction.

Interpretation Note 60 (Issue 2) replaces Interpretation Note 60, which was archived on 29 September 2017.

For access to the entire note please click here

SARS Binding Private Ruling 280

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Date: 4 October 2017

Act: Income Tax Act 58 of 1962

Summary: This ruling determines the income tax consequences for the debtors and creditors that form part of the same group of companies, following the forgiving of a loan and subsequent liquidation of the debtors.

This binding private ruling is valid for a period of five years from the date of this ruling.

For access to the entire ruling please click here

SARS Binding Private Ruling 279

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Date: 14 September 2017

Act: Income Tax Act 58 of 1962

Summary: This ruling determines that the participation exemption from capital gains tax (CGT) is available in relation to the disposal of assets by a controlled foreign company (CFC) since the parties are not connected persons at the time of the proposed transaction, albeit that such a relationship is created by the transaction.

This binding private ruling is valid for a period of five years from the date of this ruling.

For access to the entire ruling please click here

Tax Consulting South Africa

Important Tax Court Decision for All Franchise Operators and Their Accountants / Tax Advisors

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Tax Consulting South Africa

Expatriate Petition Group – SARS & National Treasury & Parliament (Standing Committee on Finance) Submission – 18 August 2017

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Tax Consulting South Africa

Transfer Pricing Guidelines

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The OECD released the latest updates to the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations on 10 July 2017. This 2017 edition incorporates the substantial revisions made in 2016 to reflect the clarifications and revisions agreed to in the 2015 BEPS Reports on Actions 8-10 Aligning Transfer pricing Outcomes with Value Creation and on Action 13 Transfer Pricing Documentation and Country-by-Country Reporting. It also includes the revised guidance on safe harbours approved in 2013 which recognises that properly designed safe harbours can help to relieve some compliance burdens and provide taxpayers with greater certainty. Finally, this edition also contains consistency changes that were made to the rest of the OECD Transfer Pricing Guidelines.

Please follow the link below to access the latest version of the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations:

http://www.oecd.org/tax/transfer-pricing/oecd-transfer-pricing-guidelines-for-multinational-enterprises-and-tax-administrations-20769717.htm

Tax Consulting South Africa

Maggie Kgobane(Tax Expert) live on Yilungelo Lakho

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Maggie Kgobane was interviewed on Tax related matters with SARS Manager Thokozani Mzantsi and Advocate Ombudsman Eric Mkhawane of SARS on Yilungelo Lakho on SABC 1 on the 10th of July 2017. Maggie shared her expertise with utmost confidence.

She addressed questions that are frequently asked by taxpayers regarding Taxation and included useful guidelines that should be followed when filing your tax return. Tax Consulting South Africa is very proud of Maggie’s sterling performance on national television.

Please see below a clip of the interview:

 

A repeat of the interview will air at 22:00 on 2017-07-13 on SABC 1