SARS has published updated editions of the Interest Rate Tables, relating to interest rates on outstanding taxes and interest rates payable on certain refunds of tax (Table 1), interest rates payable on credit amounts (Table 2) and the rates at which interest-free or low interest loans are subject to income tax (Table 3).
BPR 373, dealing with the securities transfer tax (STT) treatment of the proposed transfer of listed shares to the applicant, in order to hedge its exposure under over-the-counter derivative transactions, has been issued by SARS.
In this appeal, Taxpayer H challenged SARS’s decision in allowing a partial deduction of the interest expense it had sought to deduct during the 2011 year of assessment. Taxpayer H contended that the interest was fully deductible, as it was incurred in the course of carrying out its money-lending trade, and in the production of income.
SARS has published Binding Private Ruling (“BPR”) 374 which determined the manner in which the definition of group of companies should be applied.
SARS has published Interpretation Note (“IN”) 120 which provides guidance on the interpretation and application of section 23I which relates to the prohibition of deductions in respect of tainted intellectual property.
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