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March 2018

The South African Economy Has the Potential to Prosper

Savings and investment; demography; policy and institutions; education; health and openness are the six common ingredients which can catapult an economy to prosperity, Chief Executive of Cannon Asset Managers, Adrian Saville, has outlined in an address to Moore Stephens partners and clients in Cape Town.

Prepared by Kim Cloete on behalf of Moore Stephens South Africa
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Winds of Change in Africa Promise Opportunities for Mining

A boost in commodity prices, an improved political outlook for South Africa and Zimbabwe and a greater appetite for investment in the mining sector have prompted new leads and partnerships since the Investing in African Mining Indaba.   The winds of change blowing across parts of southern Africa have also held promise.

Prepared by Kim Cloete on behalf of Moore Stephens South Africa
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Property Developers Temporarily Letting out Residential Fixed Property

Property developers who let out residential units have been dealt a blow, as relief provided for in the VAT Act has come to an end.   In terms of current legislation where a VAT vendor acquires assets for the purpose of making taxable supplies and this application changes, whether it be a periodic or permanent change, they are required to make a change of use adjustment and effectively repay to SARS the input tax they would have previously claimed.

Janine Bamber
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Have you made an interest free or low-interest loan to a trust or a company connected to a trust?

In an attempt to curb the avoidance of estate duty and donations tax National Treasury introduced Section 7C of the Income Tax Act with effect from 1 March 2017. This anti-avoidance section focuses on natural persons who have transferred growth assets (tax free) to a trust through the use of an interest free loan or a loan with interest below market rates.

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