n Business Tax and Company Law Quarterly - Foreign capital losses and taxable income

Volume 7, Issue 2
  • ISSN : 2219-1585


An assessed loss from trade carried on in South Africa can be set off in determining the taxable income arising from an aggregate capital gain on the disposal of assets, whether within our outside South Africa. However, according to SARS, an assessed loss from a trade carried on outside South Africa cannot be set off against an aggregate capital gain from the disposal of assets outside South Africa. This asymmetrical result is argued to arise out of the wording of the definition of 'gross income'. But is that correct? This article analyses the law and arrives at a different conclusion.

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