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SARS issues a further ruling on venture capital companies

Thursday, 20 July 2017   (0 Comments)
Posted by: Authors: Mansoor Parker and Anuschka Wischnewski
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Authors: Mansoor Parker and Anuschka Wischnewski (ENSafrica)

On 6 June 2017, the South African Revenue Service (“SARS”) issued binding private ruling 274 (“BPR 274”). BPR 274 deals with a venture capital company (“VCC”) investing in a company providing and expanding plants for the generation of solar electricity.

This brings the number of binding private rulings that SARS has issued in respect of venture capital companies to four. Below, we compare the rulings in this matter with prior rulings issued by SARS to determine whether there are any trends with regard to rulings issued by SARS in respect of venture capital companies.

Before dealing with these trends, we first set out the proposed transaction in BPR 274.

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