Author: admin_kmos

Schedule 10 (Customs Act) – Part 5 – Memorandum of Understanding between the South Africa and China on the promoting of Bilateral Trade and Economic Co-operation (C&E 10.5)

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Schedule 10 (Customs Act) – Part 5 – Memorandum of Understanding between the South Africa and China on the promoting of Bilateral Trade and Economic Co-operation (C&E 10.5)

Section 114A (Customs Act) – Application of Tax Administration Act for write off or compromise of debt

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114A. Application of Tax Administration Act for write off or compromise of debt

Chapter 14 of the Tax Administration Act, including any criminal and other sanctions contained in that Act for the enforcement of that Chapter, applies, with any necessary changes as the context may require, to the writing off or compromise of any duty, interest, penalty or forfeiture incurred under this Act and owed to the Commissioner for the benefit of the National Revenue Fund.

[Section 114A inserted by section 6 of Act 22 of 2018]

Section 18C (VAT) – Adjustments for leasehold improvements

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18C. Adjustments for leasehold improvements

 

Where goods have been supplied to a vendor, being a lessor, as contemplated in section 8(29), the lessor shall be deemed to have made a taxable supply in the course or furtherance of the lessor’s enterprise, and where a deduction of input tax would have been denied in terms of section 17(2), or to the extent that such goods are not wholly for consumption, use or supply in the course of making taxable supplies by that lessor, those goods shall be deemed to be supplied by the lessor at the time the leasehold improvements are completed, in accordance with the formula-

 

A × B × C

 

in which formula—

 

“A”     represents the tax fraction;

 

“B”    represents the amount stipulated in the agreement or if no amount is stipulated, the open market value as stipulated in section 3 applies, and

 

“C”    represents the percentage of the use or application of the goods for the purposes of making other than taxable supplies at the time the leasehold improvements are completed.

[Section 18C inserted by section 84(1) of Act 17 of 2017 effective on 1 April 2018]