RESTRICTING DEDUCTIONS FOR EXCESSIVE AND ARTIFICIAL DEBT

Friday, May 03, 2013
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In the 2013 Budget Speech the Minister of Finance announced that measures would be introduced to restrict tax deductions for artificial or excessive debt. On 29 April 2013, SARS and National Treasury released a Media Statement calling for public comment on proposals to limit excessive interest tax deductions. These proposals will be incorporated into the Tax Laws Amendment Bill, 2013 (“2013 TLAB”), to be released in June 2013 and will come into operation on 1 January 2014.

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