Tax First September Issue
Ring-fencing of tax losses incurred by a taxpayer in previous years
Ring-fencing, in terms of section 21A of the Income Tax Act, implies that tax losses from certain trades cannot be offset against taxable trade income received from other trades or salary income. This legislation came into effect on 30 December 2011 and taxpayers should consider the impact, especially where more than one trade is carried on.
Also in this issue:
- Time of supply rules—When must a VAT registered taxpayer account for VAT on services provided or goods sold?
- PwC Business School Training Calendar
- New Legislation Tracker
- Tax Calendar - September 2017
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