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BPR 198: Distribution of a debt loan account in anticipation of deregistration of a company

08 July 2015   (0 Comments)
Posted by: Lesedi Seforo
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Author: SARS

This ruling deals with the distribution of a loan account, which is the only asset of the Co-Applicant, a wholly owned subsidiary of the Applicant. This distribution will comprise of a distribution of all of the Co-Applicant’s accumulated profits and a return of its share capital to the Applicant in anticipation of the Co-Applicant’s deregistration. 

Please click here to view the ruling (7 July 2015).


Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.


The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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