n Farmer’s Weekly - Keep a close eye on changes to the tax law - tax advice

Volume 2017 Number 17030
  • ISSN : 0041-848X



The main dispute in Pienaar Brothers v the Commissioner, SARS, heard in the North Gauteng High Court earlier this year, related to Section 34 (2) of the Taxation Laws Amendment Act 8 of 2007. Specifically, the fact that Section 44 (9) (a) of the Income Tax Act, introduced by virtue of Section 34 (1) (C) of the Amending Act, was deemed to come into operation on 21 February 2007. In a BEE deal in which the original company was liquidated, the applicant distributed a large sum from its share premium account to shareholders in May 2007. This was to avoid exposing the new shareholders to any historical risks in the company.

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