SARS Binding Private Ruling 277

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Date: 6 September 2017

Act: Income Tax Act 58 of 1962

Summary: This ruling determines the tax consequences for an employee share trust resulting from the vesting of “restricted equity instruments” held by its beneficiaries, and whether the trust is liable to withhold PAYE in respect of the vesting of the section 8C gain in the beneficiaries.

This binding private ruling is valid for a period of three years from 11 July 2017.

 

For access to the entire ruling please click here

SARS Binding Class Ruling 058

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Date: 6 September 2017

Act: Income Tax Act 58 of 1962

Summary: This ruling determines the income tax consequences for the beneficiaries on the unwinding of an employee share incentive scheme.
This binding class ruling is valid for a period of three years from 10 July 2017.

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SARS Interpretation Note (Issue 2)

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Loss of Disposal of Qualifying Depreciable Assets

Date: 29 September 2017

Act: Income Tax Act 58 of 1962

Purpose: Interpretation Note 60 (Issue 2) deals with Sections 11(o), 20B and 24M(1) of the Income Tax Act, and provides guidance, interpretation and application of section 11(o), which grants a deduction for a loss on disposal of a qualifying depreciable asset as a result of alienation, loss or destruction.

Interpretation Note 60 (Issue 2) replaces Interpretation Note 60, which was archived on 29 September 2017.

For access to the entire note please click here

SARS Binding Private Ruling 280

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Date: 4 October 2017

Act: Income Tax Act 58 of 1962

Summary: This ruling determines the income tax consequences for the debtors and creditors that form part of the same group of companies, following the forgiving of a loan and subsequent liquidation of the debtors.

This binding private ruling is valid for a period of five years from the date of this ruling.

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SARS Binding Private Ruling 279

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Date: 14 September 2017

Act: Income Tax Act 58 of 1962

Summary: This ruling determines that the participation exemption from capital gains tax (CGT) is available in relation to the disposal of assets by a controlled foreign company (CFC) since the parties are not connected persons at the time of the proposed transaction, albeit that such a relationship is created by the transaction.

This binding private ruling is valid for a period of five years from the date of this ruling.

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Important Tax Court Decision for All Franchise Operators and Their Accountants / Tax Advisors

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Expatriate Petition Group – SARS & National Treasury & Parliament (Standing Committee on Finance) Submission – 18 August 2017

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