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DRAFT SARS GUIDE ON THE SOLAR ENERGY TAX CREDIT PROVIDED UNDER SECTION 6C - February 2024 Following on from our article "Renewable Energy Incentives" dated 23 November 2023, herewith follows an expanded commentary based on the Draft Guide issued by SARS in February 2024. The draft guide provides general guidance…
Before explaining the Cost Plus Method, a summary of why certain Methods are chosen must be given. Also, please read the previous articles regarding Transfer Pricing principles before reading these Method articles. The selection of a transfer pricing method serves to find the most appropriate method for a particular case.…
In South Africa, interest is deductible under the Income Tax Act, whether or not the interest is capital in nature, provided the interest is incurred “in the production of income” and as part of a “trade”. The Act provides for the deduction of interest amounts incurred in respect of financial…
Commission earners who earn more than 50% of their total remuneration as commission income are not limited in the type of business expenses they can claim, as long as these are incurred in the production of their income and are not capital or personal in nature. To determine if these…
Source: Private Binding Ruling BPR 401 of 14 December 2023 This ruling determines the tax consequences for a lessor in respect of improvements effected by a lessee. In this ruling references to sections are to sections of the Act applicable as at 11 September 2023. This is a ruling on…
ACT: Income Tax Act 58 and a SARS General Binding Ruling, Number 400. This ruling by SARS determines whether donations tax will be payable on the amendment of a company’s memorandum of incorporation (MOI) to allow for the issue of shares at nominal value to a Corporate Social Investment (CSI)…
Relevant Act: Tax Administration ActGovernment Notice 787 of 01 October 2012; Gazette 35733Electronic Communications and Transactions ActCompanies Act A person must keep records, books of account, or documents. The retention of records will assist a person in fulfilling the requirements of the Tax Administration Act and satisfy SARS that the…
Binding Private Ruling 391 ACT: INCOME TAX ACT 58 OF 1962SECTION: PARAGRAPH 1 – DEFINITION OF “ASSET”, “DISPOSAL” and “VALUE SHIFTING ARRANGEMENT”, and PARAGRAPH 11 OF THE EIGHTH SCHEDULE TO THE ACT SummaryThis ruling determines the tax consequences for the partners in an en commandite partnership (the Partnership) following the…
Disposal of shares subsequent to a property development arrangement, BINDING PRIVATE RULING 398, November 2023 This ruling describes the tax consequences of the disposal of ordinary shares in a property company and the redemption of newly issued capitalisation preference shares in that company at a later stage. SARS gave detailed…
ACT: Income Tax Act 58 OF 1962, Section 18A(2B) AND (2C) This is part 2 of 2 in this series of articles. Please read part 1 before reading this second article. This article summarises key elements of SARS Guidance Note 112 on the interpretation and application of section 18A(2B) and…
DRAFT SARS GUIDE ON THE SOLAR ENERGY TAX CREDIT PROVIDED UNDER SECTION 6C - February 2024 Following on from our article "Renewable Energy Incentives" dated…
Before explaining the Cost Plus Method, a summary of why certain Methods are chosen must be given. Also, please read the previous articles regarding Transfer…
In South Africa, interest is deductible under the Income Tax Act, whether or not the interest is capital in nature, provided the interest is incurred…
Commission earners who earn more than 50% of their total remuneration as commission income are not limited in the type of business expenses they can…
Source: Private Binding Ruling BPR 401 of 14 December 2023 This ruling determines the tax consequences for a lessor in respect of improvements effected by…
ACT: Income Tax Act 58 and a SARS General Binding Ruling, Number 400. This ruling by SARS determines whether donations tax will be payable on…
Relevant Act: Tax Administration ActGovernment Notice 787 of 01 October 2012; Gazette 35733Electronic Communications and Transactions ActCompanies Act A person must keep records, books of…
Binding Private Ruling 391 ACT: INCOME TAX ACT 58 OF 1962SECTION: PARAGRAPH 1 – DEFINITION OF “ASSET”, “DISPOSAL” and “VALUE SHIFTING ARRANGEMENT”, and PARAGRAPH 11…
Disposal of shares subsequent to a property development arrangement, BINDING PRIVATE RULING 398, November 2023 This ruling describes the tax consequences of the disposal of…
ACT: Income Tax Act 58 OF 1962, Section 18A(2B) AND (2C) This is part 2 of 2 in this series of articles. Please read part…