by VDT Attorneys | Jul 12, 2018 | Commercial, Company, Corporate, Investment, Tax
A venture capital company or “VCC”, although receiving market interest of late, is not a new thing and was introduced in 2009 as section 12J of the Income Tax Act 58 of 1962 (the “Act”). The VCC forms part of Government’s philosophy of expanding economic growth...
by VDT Attorneys | Apr 11, 2018 | Property, Tax
As a point of departure, let us assume that transfer duty is not applicable to this transaction. Instead, the purchaser is liable to pay VAT on the purchase price. On 22 February 2018, the Minister of Finance announced that the VAT was to increase from 14% to 15% as...
by VDT Attorneys | Jun 9, 2017 | Business, Commercial, Company, Construction, Damages, Property, Tax
When your property company sold the property to the potential buyer, your company became liable, in terms of the Income Tax Act to pay the income tax calculated on the gain you made by reason of the sale in accordance with the following formula: Proceeds from the...
by VDT Attorneys | Mar 8, 2017 | Commercial, Company, Estate Planning, Tax, Trust
You are correct. A new Section 7C has been introduced into the Income Tax Act 58 of 1962 as an anti-avoidance provision to discourage the use of trusts for estate planning purposes. Section 7C is effective from 1 March 2017 and will apply to any loans, advances or...
by VDT Attorneys | Nov 9, 2016 | BEE, Commercial, Tax
Investing in learnerships, can be a costly exercise even though it is a worthy investment. Fortunately from a BEE and tax perspective, government provides incentives to businesses such as yours to invest in such formal learning programmes. Any business, when reporting...
by VDT Attorneys | Oct 13, 2015 | Commercial, Property, Tax, Trust
Interest-free loans are widely used in South Africa. If one transfers property to a trust by way of an interest-free loan, the property no longer forms part of one’s estate, resulting in a potential estate duty saving on your part when the value of the property...
