For CFO’s and Financial Directors on tax interpretation:
1. The new Interpretation Note 47 offers guidance on claiming the so-called wear & tear allowance in s11(e) of the Income Tax Act. Click here
2. Interpretation Note 48 provides guidance on the application and determination of the debtors allowance granted under section 24(2) of the Income Tax Act. Click here
3. PWC's Synopsis for this month includes the following:
Smoke and mirrors or genuine commercial venture?
Legal disputes - be careful what you wish for!
Tax paid on fictitious income - Taxpayer’s right to interest on SARS refund?
Changing from being a share investor to being a share dealer
Tax experts’ views on tax avoidance and evasion and South Africa’s new GAAR
Click here to read