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The mechanics of asset-for-share transactions
Asset-for-share transactions qualify for relief under the corporate rule in section 42 of the Income Tax Act (‘the ITA’). In the course of advising on these transactions or reviewing transactions proposed to taxpayers, I realised that taxpayers are often not aware of...
Relevance of accounting standards to South African taxpayers
Income tax legislation and accounting standards generally operate independently. Despite the fact that both ultimately aim to determine a measure of profitability, each has its own definitions and methodology to achieve a specific purpose. There have always been clear...
Tax deductions for future expenses
Taxpayers are generally only entitled to deduct expenses in determining their taxable income when they actually incur the expenditure. Section 24C of the Income Tax Act provides an exception to this rule. This article provides a brief overview of the provision and...
Tax treatment of bad and doubtful debts
In the current business conditions lenders increasingly face the prospect of not being able to fully recover debts. These debts may include trade debts, for example, trade receivables, but also longer-term debts. This article provides an overview of the relevant tax...
Tax consequences of debt relief
Debt restructuring arrangements are likely to become more prevalent in the tough economic conditions that South Africa currently encounter. One of the key considerations when entering into such an arrangement is to understand the tax consequences. This article...
Telkom case: Exchange losses on shareholder loans
The Supreme Court of Appeal (‘the SCA’) delivered judgment in Telkom SA SOC Limited v C:SARS (Case no 239/19) [2020] ZASCA 19 on 25 March 2020. One of the matters considered in this case related to a deduction claimed by Telkom SA SOC Ltd (‘Telkom’) in respect of...
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