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Recent binding rulings
Taxand South Africa provides an overview of recent binding rulings.
The South African Revenue Service recently released, inter alia, the following binding private rulings, binding class rulings and binding general rulings:
Binding General Ruling (BGR) 31 (Issue 2) – interest on late payment of benefits
- This ruling provides clarity on when an amount constitutes interest, as opposed to forming part of a lump sum benefit, for purposes of the Second Schedule to the Income Tax Act, 1962 in circumstances where the benefit is paid late.
Binding Class Ruling (BCR) 057 – section 12J(2) deduction by partners
- This ruling determines a commanditarian partner’s eligibility to claim a deduction under section 12J(2) of the Income Tax Act in respect of venture capital shares acquired by a partnership and whether the proposed investor certificates to be issued to the commanditarian partners will be acceptable for purposes of section 12J(4).
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