Hipertension Pulmonar Chile

 Area Pacientes Ir a Area Medicina

Sars Loan Agreement


Publicado el 11/4/2021

One mechanism that taxpayers can use to manage cash flow could be to negotiate (re) defer payments and enter into subordination agreements on outstanding loan contracts. These agreements can help taxpayers reduce their cash flow and, as a general rule, include the obligation for the creditor of a debtor in difficulty to refrain from paying until a future event (or business of the same nature) occurs. However, from the SARS perspective, it is the fact that these rules may have characteristics of hybrid instruments, i.e. liabilities with capital characteristics. As a result, the provisions of the Income Tax Act can be triggered to combat tax evasion, which are intended to deny the effects of hybrid debt. D recorded the debts amortized in the form of additional income and declared this amount as part of his taxable income. SARS agreed that this was a proper tax treatment of the amount in D`s books. However, the taxpayer recorded the depreciated amount as a loan between himself and D. When the insured claimed this loss as a deduction, SARS considered that the loss was in the hands of the insured and was not likely to be income, since D`s net debt is recorded by the taxpayer as a loan by the taxpayer. However, in Solaglass Finance Co (Pty) Ltd/Commissioner for Inland Revenue 1991 (2) SA 257 (A), it was found that where a policyholder can prove that he or she is engaged in banking or monetary activity, a loss resulting from a non-recoverable loan is deductible, provided that it also meets the other requirements of Section 11, point a). With respect to the section 11, point (a) requirement that the loss must not be a capital consequence, Solaglass Finance found that if the funds constitute floating or circulating capital, i.e. shares in the trading, the loss incurred by the loan will be income and not natural capital. What is important is that a taxpayer accounts for the funds in the form of loans or debts is not determinative, but we have to look at the nature of the advanced funds.

As a result, expenses or losses are due to advanced funds in the form of fixed capital in order to provide the income structure of the insured, which constitutes a floating capital or capital that is part of the trading activity of the insured and is therefore a revenue. In determining whether the amount depreciated by the insured was a capital or a revenue, the tax court found that the fact that a amortized amount was advanced in the form of a loan is not determining whether it is a capital or a natural recipe. This is because the taxpayer`s accounting treatment is not intended for the legal situation or the correct tax situation. The question is always more relevant than forming, given the facts of the case. If a subject is liable for a debt and the debt becomes irrecreative, the taxpayer would suffer a loss that would be deductible only within the meaning of section 11, paragraph (a) of the act, if all the requirements of the section are met, including the requirement that the liability not be a capital succession. The question of the deductibility of a debt that has become irrecoverable was raised in the Cape Tax Court decision in Taxpayer/Commissioner for the South African Revenue Service [2019] ZATC 3 (November 15, 2019).

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