n Tax Breaks Newsletter - New section 103 is not likely to satisfy taxman : tax avoidance




Extracted from text ... TAX AVOIDANCE New section 103 is not likely to satisfy taxman By ERNEST MAZANSKY THERE is a fairly well known and pithy comment in Tax Strategy, which was quoted in the Discussion Paper on Tax Avoidance published by the SARS, to the effect that many accountants consider section 103 to be so potent and comprehensive "that it is dangerous even to admire any transaction that has the effect of saving tax" but, likewise, certain officials at the SARS believe that the section is essentially ineffectual "except perhaps in the case of the most fanciful tax avoidance operations". The fact ..


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