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New interpretation note on the transfer duty exemption for PBOs and statutory bodies

Tuesday, 22 September 2015   (0 Comments)
Posted by: Author: SARS
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Author: SARS

SARS has released IN 22 to provide guidance on the interpretation and application of the following sections of the Transfer Duty Act: 

  • Section 9(1)(c), which exempts from the payment of transfer duty a PBO or any statutory body, which has as its sole or principal object the carrying on of any PBA, provided t he whole or substantially t he w hole of t he property acquired is used for carrying on one or more PBAs. 
  • Section 9(1A), which exempts from transfer duty the transfer of property by a PBO to any other entity controlled by that PBO.

For purposes of this Note, the transactions do not constitute taxable supplies of fixed property under section 7(1)(a) of the Value-Added Tax Act No. 89 of 1991. 

Please click here to view IN22 and here to view summary of updated notes (22 September 2015).



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