FAQ: Who should have done the valuation? By what date should my property have been valued? Who must hold the valuation certificates? When must valuations be submitted and to whom?
5.1 The taxpayer disposing of the asset was responsible for any valuation submitted to SARS. Depending on the nature and value of the asset concerned, the taxpayer should have considered obtaining expert advice, but this was not compulsory. If an expert was used, the same factors as would be considered when engaging an accountant, attorney, […]
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status in the year of assessment following the year of assessment in which the venture capital company status was withdrawn.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must be included in that venture capital company’s income in the year of assessment in which such approval has been withdrawn.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 […]
