FAQ: What are the accounting periods for CO2 emission levy accounts?
The accounting periods for the CO2 levy accounts are: 1 January – 31 March 1 April – 30 June 1 July- 30 September 1 October – 31 December
FAQ: Can a penalty be imposed by SARS if an asset was incorrectly valued by a taxpayer? If so, under which section of the Act?
Yes – section 222 of the Tax Administration Act, 2011.
FAQ: Who can I contact for enquiries relating to the Venture Capital Company scheme?
If you have any enquiries regarding venture capital companies, you can contact SARS as follows: By email [email protected] By post: SARS Large Business Centre Venture Capital Companies Private Bag X170 Rivonia 2128 By phone: (011) 602 3839
FAQ: Are there any special tax benefits for Venture Capital Company’s?
No. The standard tax rules will apply.
FAQ: Can a company reapply for a Venture Capital Company status?
Yes. If the company takes the corrective steps to rectify the non-compliance that resulted in the withdrawal of the venture capital company status, the company may reapply for an approved venture capital company status in the year of assessment following the year of assessment in which the venture capital company status was withdrawn.
FAQ: Can a company voluntarily apply for a withdrawal of their Venture Capital Company status?
Yes. The request for withdrawal must be submitted in writing and must include the following information: – The venture capital company reference number or Income Tax reference number; and – Reason(s) for withdrawal.
FAQ: What are the consequences of a withdrawal?
An amount equal to 125% of the aggregate amount contributed by investors in exchange for venture capital company shares must be included in that venture capital company’s income in the year of assessment in which such approval has been withdrawn.
FAQ: Are there any special tax benefits for investees?
No. The standard tax rules will apply.
FAQ: Who qualifies to be an investee?
Any ‘qualifying company’ as defined in section 12J of the Income Tax Act, No. 58 of 1962, as amended, which the approved venture capital company will invest in, in order to own ‘qualifying shares’. A company that meets all of the following requirements will qualify as a qualifying company (investee): The Investee must be a company which […]
FAQ: How does an investor support the claim for a deduction?
On request from SARS, the investor must verify a claim for a deduction by providing a venture capital company investor share certificate that has been issued by an approved venture capital company, reflecting the amount of the investment and the year of assessment in which the investment was made.
