Mazars Messenger August 2019

On the 10th of May 2019 the Minister of Finance and Economic Development of Zimbabwe issued Statutory Instrument 109 of 2019 setting out the Zimbabwean Income Tax (Transfer Pricing Documentation) Regulations, 2019 (the “Regulations”). The Zimbabwean transfer pricing landscape, as it stands today and as it compares to that of South Africa, is summarised below.

Over the last few years we have seen various changes being made with regards to the IFRS (International Financial Reporting Standards) accounting framework, which includes new standards such as IFRS 15 (Revenue), IFRS 9 (Financial Instruments) and IFRS 16 (Leases), replacing the old IAS 18, IAS 32 and IAS 17, respectively

There are many foreigners who have bought or are in the process of buying fixed property in South Africa.

The tax implications on the sale of these properties are not well understood. This article seeks to explain how this process works, and to assist foreign property owners in ensuring that they do not overpay tax in South Africa without obtaining a refund of the overpayment.

The Governance and Strategy Unit at Mazars South Africa offers a range of Corporate Governance advisory services. Board effectiveness evaluations are amongst the niche services being provided by the unit.

The South African listed Real Estate Investment Trust (SAREIT) association has followed international reporting trends by developing its own branded guidelines for measuring the performance of REITs.

Have you made an interest-free loan to a Trust – Consider possible Section 7C consequences!
Some of us might be aware that the section 7C of the Income Tax Act No. 58 of 1962 (the Act) originally came into effect on 1 March 2017, but it is important to note that on 19 July 2017, the provisions of Section 7C were extended to include a loan made by an individual to a company in which such a Trust holds at least 20% of the equity shares or is able to exercise 20% of the voting rights.