Tag: improvements
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Leasehold responsibilities
Certain lease agreements regarding land and property stipulate that the lessee, as part of his/her obligation under the agreement, is expected to make improvements to the leased asset. This doesn’t appear to be very beneficial for the lessee, as the asset that is improved on his/her expense, does not belong to them. Thus, the Income…
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Section 7C: What is it all about?
Section 7C of the Income Tax Act, No 58 of 1962 (the Act), was enacted effective 1 March 2017 and serves as an anti-avoidance measure aimed at curbing the tax-free transfer of wealth to trusts through the use of low interest or interest-free loans, advances or credits. The Explanatory Memorandum on the Taxation Laws Amendment…