oa De Jure - A (Pty) Ltd v The Commissioner for the South African Revenue Service ITC 12644 (2012)
Capital loss incurred on the redemption of redeemable shares : a clogged loss or not? : recent case law
It is said that the reasons for the taxation of capital gains are enthused by the fundamental notions of fairness, a need for economic efficiency and the improvement of tax administration (Brooks Taxing Capital Gains is Good for the Tax System, the Economy and Tax Administration (2001) 2). This report was drafted for the Portfolio Committee on Finance and presented before Parliament. It is used to substantiate the introduction of CGT in the Comprehensive Guide to Capital Gains Tax). The Income Tax Act 58 of 1962 (ITA) provides for the inclusion of capital gains or the limited deduction of assessed capital losses made by a taxpayer in determining its tax liability. The determination of such capital gains or assessed capital losses is governed by the Eighth Schedule to the ITA (the Eighth Schedule). The Eighth Schedule sets out provisions that determine a taxpayer's capital gains or capital losses (De Koker Silke on South Africa Income Tax (2011) par 24.1).
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