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introduction
The Bowman Gilfillan tax practice provides quality specialised legal services in the sphere of tax law. The tax practice works closely with the firm's corporate and commercial lawyers to provide integrated commercial and tax advice. The tax team combines its experience with its commercial and tax law expertise to provide efficient tax solutions.
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articles
- A draft Taxation Laws Amendment Bill of 2011.
A draft Taxation Laws Amendment Bill of 2011 was publicly released on 2 June 2011, which contained many far reaching changes. The Bill proposed provisions with retrospective effect, for example th 18-month suspension of section 45 (intra group transactions) of the Income Tax Act, no 58 of 1962 ("the ITA").
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- Equity Share Capital and the New Companies Act.
The alignment of the Income Tax Act, 1962 ("the Income Tax Act") with the Companies Act, 2008 ("the new Companies Act") required that certain concepts be amended in order to accommodate the new company law legislation from a tax perspective.
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- Contributed Tax Capital.
The new definition of contributed tax capital ("CTC") became operative on 1 January 2011. The CTC of a company is an important component of the new, simplified dividend definition in the Income Tax Act, No 58 of 1962, ("the ITA"), which definition also became effective on 1 January 2011. The new definition of CTC is also in line with the Companies Act of 2008 which has made concepts such as share capital and share premium, irrelevant.
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- STC Credits under the new Dividends Withholding Tax.
In this years' annual budget speech Minister Pravin Gordhan announced that the new Dividends Tax ("Dividends Tax") will take effect on 1 April 2012, replacing the current Secondary Tax on Companies ("STC"). Dividends Tax will be a conventional withholding tax and will be levied at a flat rate of 10% on the amount of any dividend paid by a company. Unlike Secondary Tax on Companies ("STC"), which is a "second-tier" corporate tax levied on the company, the shareholder will bear the Dividends Tax but the company will withhold the Dividends Tax from dividends paid to the shareholder.
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- Pre-production interest deductions proposed deletion.
There is considerable confusion around certain proposed amendments of the Income Tax Act, especially the proposal to delete section 11(bA) of this Act. At first commentators speculated that this proposal may be an error. However, the Clause by Clause Explanation to the Draft Explanatory Memorandum on the Draft Taxation Laws Amendment Bill confirms that it is not and suggests that section 11(bA) is obsolete in light of the business start-up deduction rules contained in section 11A.
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- Draft Customs Control Bill released for short second round of comment.
The Customs and Excise Act No. 91 of 1964 ("Act 91 of 1964") is in the process of being re-written in its entirety. Once the re-write process is complete, Act 91 of 1964 will be superseded and will be replaced by a Customs Duty Act; a Customs Control Act and an Excise Duty Act. On 18 April 2011 a second draft of the Customs Control Bill ("Draft Customs Control Bill") was released for a short round of comment. Comments are due by 16 May 2011.
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- The Supreme Court of Appeal rules on the tax implications of "realisation companies".
The distinction between capital and revenue receipts or accruals is still significant in South African tax law because the effective rate of capital gains tax is 50% of that of normal income tax.
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- Tax Administration Bill 11 of 2011
The Tax Administration Bill impacts on taxpayers rights and ousts the jurisdiction of the High Court in respect of tax disputes. It also contains provisions that could seriously impact on taxpayer's rights to keep a passport, to travel and to trade. It is probable that the Bill will face constitutional challenges if it is approved in its current form.
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| our expertise |
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The Bowman Gilfillan tax practice frequently provides tax advice to a diverse spectrum of clients, including retail and investment banks, South African and foreign listed and unlisted companies and high net worth individuals.
The Bowman Gilfillan tax practice offers a wide range of services. In particular, we can provide specialist advice on the tax structuring of, inter alia:
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mergers and acquisitions, capital market and other commercial transactions; |
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black economic empowerment transactions; |
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private equity funds and private equity transactions; |
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commercial property transactions; |
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group re-organisation;
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international tax, in-bound and out-bound investments, cross border transactions; |
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transaction taxes; |
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capital gains tax; |
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secondary tax on companies and the new dividend tax; |
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mining tax and mining royalties; |
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employees' tax and Value Added Tax (VAT); |
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formation and tax registration of charitable and public benefit organisations; |
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share incentive and other employee incentive schemes and related tax issues; |
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tax disputes; |
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| team member focus |
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Mogola Makola
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Mogola Makola is a partner in the corporate department as a member of the tax practice area, where she specialises in domestic and international tax, with a specific interest in transactions involving derivatives.
Mogola has advised on some of our firm's major M&A transactions in relation to tax efficiency structuring, and has experience in advising on the tax structuring of offshore investments and derivative trades.
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| contact details |
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