Section 7C: Recent changes explained

Tags: 1 March 2017, Income Tax Act, Section 7C Reading Time: 5 minutes BACKGROUND Section 7C of the Income Tax Act came into effect on 1 March 2017. This section specifically deals with Interest Free- or Low Interest Loans to Trusts. The aim of Section 7C is to...

RESEARCH AND DEVELOPMENT: INCOME TAX TREATMENT

Tags: Draft Taxation Laws Amendment Bill., Income Tax Act, Section 11D Reading Time: 5 minutes The need to become more technology proficient and being actively engaged in the scientific and technological innovation space, has become a top priority for a lot of...

Welcoming Tax news for franchise owners

Tags: Income Tax Act, Tax Court, Tax news Reading Time: 3 minutes The Tax Court has upheld a decision that a tax deduction allowed by section 24C of the Income Tax Act may be applied to franchisee costs. Section 24C permits the deduction of certain expenses in the...

Tax implications of international branches

Tags: Income Tax Act, Tax implications Reading Time: 4 minutes Irrespective of whether a South African company is expanding its business offshore, or whether international businesses set up shop in South Africa, companies trading internationally are often confronted...

Misuse of assessed losses

Tags: General anti-avoidance rules, Income Tax Act, SARS Reading Time: 3 minutes An assessed loss for income tax purposes is a potentially valuable asset:  it represents past losses made by a taxpayer which is able of being carried forward to subsequent tax years...