Interest Rates
SARS has published updated editions of the Interest Rate Tables (Tables 1 and 2), relating to interest rates applying to outstanding taxes and refunds of tax and interest rates payable on credit amounts.
Alert 60
In this week's alert:
- Interest Rates
- Tax Guide for Share Owners (Issue 8)
- BPR 382: Rebate in respect of foreign taxes
- Withdrawal of practice note 31 and 37
- Commissioner for SARS v The Thistle Trust (Case no. 516/2021 )
- Interest Rates
- Tax Guide for Share Owners (Issue 8)
- BPR 382: Rebate in respect of foreign taxes
- Withdrawal of practice note 31 and 37
- Commissioner for SARS v The Thistle Trust (Case no. 516/2021 )
Tax Guide for Share Owners (Issue 8)
SARS has published Issue 8 of the Tax Guide for Share Owners
BPR 382: Rebate in respect of foreign taxes
SARS has published Binding Private Ruling (“BPR”) 382 which determines the tax consequences of a capital gain arising from the disposal of shares in a resident company, whose value is derived from the immovable property situated in a foreign jurisdiction.
Withdrawal of practice note 31 and 37
SARS has notified the public that it intends withdrawing practice note 31 “interest paid on moneys borrowed”, effective for years of assessment commencing on or after 1 March 2023. Public comment is invited and may be emailed to policycomments@sars.gov.za before 15 December 2022.
SARS v The Thistle Trust (Case no. 516/2021 )
The Commissioner assessed the Thistle Trust for capital gains tax (“CGT”), understatement penalties and interest. The Thistle Trust subsequently objected to the additional assessment. The following case pertains to an appeal by SARS against the decision of the tax court to uphold the objections raised. SARS’s appeal was upheld on the basis that the Thistle Trust was neither a ‘conduit pipe’ nor subject...