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News & Press: Corporate Tax

BPR112-Sale of the shares held by a holding company in its foreign subsidiary to a Co-Operative

14 March 2012   (0 Comments)
Posted by: SAIT Technical
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BINDING PRIVATE RULING: BPR 112

DATE: 13 March 2012

ACT : INCOME TAX ACT, NO. 58 OF 1962 (the Act)

SECTION : SECTIONS 10(1)(k)(ii)(dd), 24B AND PARAGRAPH 64BOF THE EIGHTH SCHEDULE TO THE ACT

SUBJECT : INTERPOSING A CO-OPERATIVE BETWEEN A SOUTH AFRICAN HOLDING COMPANY AND ITS FOREIGN SUBSIDIARIES

Summary

This ruling deals with the income tax consequences arising from the saleof the shares held by a holding company in its foreign subsidiary to a Co-Operative to be incorporated, for an interest in that Co-Operative.

 

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