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SARS Draft IN Note: Company Cars

02 April 2012   (0 Comments)
Posted by: SAIT Technical
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DRAFT INTERPRETATION NOTE

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

SECTION : PARAGRAPH 7 OF THE SEVENTH SCHEDULE TO THE ACT

SUBJECT : RIGHT OF USE OF MOTOR VEHICLE

Purpose

This Note provides guidance on the income tax consequences that arise for an employee when an employer grants that employee the right of use of a motor vehicle, commonly known as the "company car fringe benefit”, with specific reference to the latest legislative amendments to the Fourth and Seventh Schedules to the Act.

To access the Draft Interpretation Note, click here

Comments may be submitted to technical@thesait.org.za by 31 May 2012.


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