Don’t suffer the tax consequences of waived debt
Many natural persons or trust shareholders in companies are confronted with the unintended tax consequences of owing an amount on a loan account to the company in which they hold those shares. These tax consequences specifically relate to the “deemed dividend” which arises on interest-free loans (related to so-called “debit loans” in companies). In many […]
Beware the ‘Ides of SARS’
Telephonic audits are on the rise “A soothsayer bids you beware the ides of March”. These famous Shakespearean words forewarning the misfortune of Roman emperor Julius Caesar (which Caesar ultimately ignored and led to his demise) may not be as archaic as appears at first sight—especially in the realm of tax, and when SARS’ new […]