n Tax Breaks Newsletter - SARS disallows input tax on non-enterprise / exempt activities




Extracted from text ... IT IS imperative that vendors raising capital by issuing shares, engaged in a corporate restructure, share-related or similar transaction should take account of the view of the SA Revenue Service, South African and European Union courts before claiming input tax deductions on certain goods and services acquired, warns the November issue of KPMG's Vat Mail. KPMG says that SARS is methodically requesting holding companies (mainly JSE-listed companies) to provide them with five years' information of expenses which, in SARS's view, relate to so-called non-enterprise or exempt activities by applying the "purpose" or "direct link" test. SARS includes an extensive ..


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