TAX TIPS – FOREIGN TRUSTS
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TAX TIPS – FOREIGN TRUSTS

South African beneficiaries of foreign trusts who receive distributions from those trusts are, in most cases, liable to tax in respect of such distributions. The anti-avoidance measures in section 25B and paragraph 80 of the Eighth Schedule to the Act also specifically provide for distributions out of trust capital to SA beneficiaries to beneficiaries to...

TAX TIP:  R&D APPROVAL AFTER TAX RETURN SUBMISSION
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TAX TIP: R&D APPROVAL AFTER TAX RETURN SUBMISSION

To claim a deduction of 150% under section 11D of the Act, the taxpayer needs approval from the Minister of Science and Technology. Without the approval, the deduction cannot be claimed under section 11D. It often happens in practice, however, that approval is granted only after the taxpayer’s year of assessment for which the deduction...