Interposed parties

Prior to the introduction of s23J into the South African Income Tax Act, many specific allowance sections in our Tax Act include anti-avoidance provisions directed against transfers between “connected persons” (i.e. s11(e), s11B, s11D, s11(gA), s11(gC), s12B, s12C, s12G, s14 …

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IP Sale and Leaseback transactions

Originally, sale and leaseback transactions were applied to tangible assets, such as plant, machinery and equipment. However, since the mid–1990’s, its application has increasingly been extended to incorporeal property, including trademarks, patents, designs, copyright and know-how. When applied to intellectual …

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NWK’s CCL tax structure beaten by SARS

A unanimous decision of our Supreme Court of Appeal recently landed a hook to the chin of structured finance. In 1998, NWK Ltd applied to FNB for a simple R50m loan and received a 5-year facility for R96,415,776 with a …

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