Today Sars published VAT guide for share block schemes. The guide deals with the VAT implications of share block schemes in South Africa and the various types of supplies related to these schemes. The intention of the guide is to attend to basic principles and their effect from a VAT point of view.
Today, Sars issued a new guide for transfer duty, it replaces the previous issue, Transfer Duty Handbook that was issued in March The new guide contains a discussion of the application of the Transfer Duty Act 40 of 1949, in respect of transactions involving immovable property such as land, buildings and other real rights in connection with immovable property situated in South Africa. Although fairly comprehensive, the guide does not deal with an analysis of all the legal detail which may sometimes be necessary when dealing with immovable property transactions. However, it has been necessary to include a certain amount of technical and legal terminology in explaining certain concepts which underpin the transfer duty legislation.
In South Africa, an organisation that has a non-profit motive or is established or registered as a non-profit organisation does not automatically qualify for preferential tax treatment. An organisation will only enjoy preferential tax treatment after it has applied for and been granted approval as a Public Benefit Organisation (PBO).