oa Meditari : Research Journal of the School of Accounting Sciences - Die inkomste- en kapitaalwinsbelastinghantering van kollektiewe beleggingskemas in effekte en kollektiewe beleggingskemas in eiendom : 'n kritiese beskouing
|Article Title||Die inkomste- en kapitaalwinsbelastinghantering van kollektiewe beleggingskemas in effekte en kollektiewe beleggingskemas in eiendom : 'n kritiese beskouing|
|© Publisher:||University of Pretoria|
|Journal||Meditari : Research Journal of the School of Accounting Sciences|
|Author||L. Van Schalkwyk and H.D. Isaacs|
|Publication Date||Jan 2006|
|Pages||81 - 102|
|Keyword(s)||Capital gains tax treatment, Collective Investment Schemes in Property (CISP), Collective Investment Schemes in Securities (CISS), Income tax treatment, Inkomstebelastinghantering, Kapitaalwinsbelastinghantering, Kollektiewe Beleggingskemas in Effekte (KBS in Effekte), Kollektiewe Beleggingskemas in Eiendom (KBS in Eiendom), Oop beleggingsmaatskappy, Open-ended Investment Company (OEIC) and Trust|
Collective Investment Schemes in Securities ('CISS') and Collective Investment Schemes in Property ('CISP') are common business vehicles in the South African economy. Nevertheless, there is still some uncertainty with regard to the tax treatment of these business structures, as the application of the specific income tax and capital gains tax provisions applicable to CISS and CISP results in several anomalies. The purpose of this article is to identify and highlight these anomalies by discussing the specific income tax and capital gains tax provisions applicable to CISS and CISP, and to suggest how some of these anomalies should be treated for tax purposes. It is submitted that the legislator did not consider the legal nature and practical operation of a CISS when the tax provisions for CISS were drafted. The tax treatment of CISP is also not without difficulties, especially where the CISP is constituted as an open-ended investment company ('OEIC').
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