South Africa Tax Agency Issues Updated Guide on Capital Gains Tax for Companies

The South African Revenue Service March 18 issued an updated capital gains tax (CGT) guide for companies. Topics covered include: 1) information on calculating capital gain or loss, including a list of transactions commonly treated as disposals; 2) the methods for determining the base cost of assets acquired before Oct. 1, 2001, for exclusionary purposes; 3) a list of common CGT exclusions; 4) situations in which a capital gain or loss may be carried forward to future assessment years; and 5) the effective CGT rate calculation method, and the statutory, inclusion, and effective rates for various entity types for assessment ...