Tag: Income Tax Act

The proposal to tax the sugar content of beverages first came to light in the 2016 Budget. On 5 December 2017, after 18 months of debate, Parliament adopted the tax on sugary beverages (Sugar Tax), which is expected to commence on 1 April 2018. 

In the 2017 Budget, delivered by the Minister of Finance, it was proposed that additional measures will be considered to circumvent transactions where investors choose to realise their share investments by means of having the shares they hold in a company bought back and characterised as a dividend, while being paid for by means of a new investor subscribing for shares in the same company. This followed on the back of a similar announcement in 2016, whereafter no two specific countermeasures were introduced.

In June 2009, The Income Tax Act was amended to make provision for investors to be incentivised to invest in Venture Capital Companies (VCCs).

Multinationals in high-tax jurisdictions will now benefit from relaxed IP regulations. The 2017 Budget announced that the regulatory framework regarding cross-border intellectual property transactions is to be relaxed, for both tax and exchange control purposes.

The 2017 draft Taxation Laws Amendment Bill and draft Tax Administration Laws Amendment Bill were released for comment on 19 July 2017.

The much-anticipated Draft Taxation Laws Amendment Bill came out on 19 July 2017. From an international tax perspective, issues of interest include the proposed changes and additions to the Controlled Foreign Company (CFC) rules. Of concern is the possibility that double tax might be payable in certain cases.