UNDERSTANDING LIQUIDATIONS AND TAX DEDUCTIONS
Decisions of South Africa’s courts are an essential source of law. The courts uphold and enforce the Constitution and develop common law that is consistent with the values of the Constitution, and the spirit and purpose of the Bill of Rights. In a taxation context, court decisions assist in how legislation must be interpreted or […]
ARE TAX STATUTES UP FOR INTERPRETATION?
Decisions of South Africa’s courts are an essential source of law. The courts uphold and enforce the Constitution and develop common law that is consistent with the values of the Constitution, and the spirit and purpose of the Bill of Rights. In a taxation context, court decisions assist in how legislation must be interpreted or […]
DIESEL REFUND SCHEME MISINTERPRETATIONS
Farming is a qualifying activity under the Diesel Refund Scheme. Most farming enterprises will qualify to be registered for the Diesel Refund Scheme. The person carrying on the farming enterprise may, therefore, apply for registration with the Diesel Refund Scheme, provided the enterprise is registered for VAT. In terms of section 75(1C)(a)(iii) of the Customs and Excise Act 91 of […]
FUTURE EXPENDITURE ON CONTRACTS
Section 24C of the Income Tax Act[1] (hereinafter referred to as “the Act”) allows a deduction, from income, received by or accrued to a taxpayer in terms of any contract, to finance future expenditure which will be incurred by the taxpayer in fulfilling its obligations in the performance of such contract. On 3 December 2019, the […]
2020 TAX YEAR RECAP
As the 2020 tax year draws to a close, we reflect on some of the significant highlights (and lowlights) during the year. Significant judgments Our courts delivered several, precedent-setting judgements during 2019: Africa Cash & Carry: In November, the Supreme Court of Appeal (SCA) dismissed the appeal by Africa Cash and Carry, in respect of a […]