Tax Amendment Acts Promulgated on 19 January 2017
26 January 2017
The Taxation Laws Amendment Act, 2016 and the Tax Administration Laws Amendment Act, 2016 were promulgated on 19 January 2017. A notable amendment that will come into operation on 1 March 2017 is the insertion of the new section 7C in the Income Tax Act, which will apply to amounts owing in respect of low interest or interest-free loans, advances or credits to trusts. The effect of these amendments should be studied carefully.
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