Tax Breaks Newsletter - Volume 2009, Issue 286, 2009
Volume 2009, Issue 286, 2009
Source: Tax Breaks Newsletter 2009, pp 1 –2 (2009)More Less
In a judgement handed down in the High Court in the Western Cape (Vacation Exchanges International (Pty) Ltd v Commissioner for the South African Revenue Services - judgement given on August 7 2009), the Court provided clarity on who must pay the tax when the taxable value of a fringe benefit is adjusted by SARS on the basis that it has been incorrectly calculated by an employer.
Source: Tax Breaks Newsletter 2009, pp 2 –3 (2009)More Less
When it comes to the whole "capital vs. revenue" argument, one of the main factors that are taken into account is the taxpayer's intention at the time of acquisition. This means that, for example, if you make an investment with the intention that such investment is for the long term, the proceeds upon eventual disposal thereof will be treated as capital.
Author Gerhard BadenhorstSource: Tax Breaks Newsletter 2009, pp 4 –5 (2009)More Less
The tax Court handed down judgement on 14 August 2009 in Case No: VAT 711, which could have a major impact on the ability of associations not for gain to claim Value-Added Tax (VAT) on their operating expenses. It could even have a negative impact on profit making vendors who make certain supplies for no consideration as well.
Author Grant KaplanSource: Tax Breaks Newsletter 2009, pp 6 –7 (2009)More Less
With economies under pressure, the temptation for companies to shift profit and reduce tax liability is increased. However, simultaneously, revenue authorities are feeling the pinch of reduced tax income as industry slows, making them more vigilant and inclined to scrutinise transfer pricing practices more closely than ever before.
Author Angelique WormsSource: Tax Breaks Newsletter 2009 (2009)More Less
So you have eventually found the offshore property of your dreams. It comes as a relief that you learn that you are able to raise an offshore mortgage bond to finance this wonderful opportunity. The South African Reserve Bank allows offshore mortgage bonds as long as certain criteria are met. But what about the CGT implications of foreign currency rate fluctuations if you have not yet settled the loan?
Source: Tax Breaks Newsletter 2009 (2009)More Less