Page 702 - SAIT Compendium 2016 Volume2

BP RULING DATE NAME/SUBJECT SECTION OF INCOME TAX NO ACT
191 26 March 2015 Re nancing of debt through preference share funding Sections 8E, 8EA, 19 and paragraph 12A of the 8th
Schedule
192 28 May 2015 Cross border interest-free loan and withholding tax on Sections 31, 50B and 50E interest
193 15 June 2015 Debt reduction by way of set-off Section 19 de nition of ‘reduction amount’ and
paragraphs 12A and 20 (3) (b) of the 8th Schedule
194 15 June 2015
Disposal of shares through a share buy-back and a donation
Sections 1 (1) de nitions of ‘gross income’ and ‘dividend’, 18A, 54, 56 (1) (h), 64D de nition of ‘dividend’ and paragraphs 2 (1), 11 (1) and 2 (b) of the 8th Schedule
195 26 June 2015
STT exemption where election has been made that section 42 of Income Tax Act will not apply
Sections 1 (1) de nitions of ‘contributed tax capital’ and ‘permanent establishment’, 40CA, 42 and paragraphs
2 (1) (b) and 20 (1) (a) of the 8th Schedule. Section 8 (1) (a) of the STT Act
196 1 July 2015 Employees’ tax – Monthly pension bene ts in respect of Sections 1 (1) de nition of foreign services rendered ‘income’, 9 (2) (i), 10 (1) (gC) (ii) and paragraphs 1 de nition
of ‘remuneration’ and 2 (1) of the 4th Schedule
197 1 July 2015 Exemption from donations tax and net value of an estate Section 56 (1) (g) (ii)
Section 4 (e) (ii) (aa) and (iii) of
the Estate Duty Act
198 7 July 2015 Distribution of a debit loan account in anticipation of Sections 10 (1) (k), 47, 64D and deregistration of a company 64FA (1) (b)
199 20 July 2015 Exemption from income tax of dividends received by Sections 8C (7) de nition of virtue of restricted equity instruments ‘restricted equity instrument’
and 10 (1) (k) (i)
200 3 August 2015 Source of income of commission payable to non- Sections 1 (1) de nition of resident junket agents ‘gross income’, 47A and 51A
201 13 August 2015
Issue of capitalization shares
Sections 1 (1) de nition of ‘gross income’ paragraphs (c) and (k), ‘contributed tax capital’, ‘dividend’ and ‘return of capital’, 8C, 40C, 42 (5) and (6) and paragraph 11 of the 8th Schedule
202 14 August 2015 Application of section 13quin subsequent to an intra- Sections 13quin and 45 (3) group transaction under section 45
204 24 August 2015 De nition of ‘disposal’ for purposes of asset-for-share amalgamation transactions; ‘qualifying distribution’
upon conversion to a corporate real estate investment trust
Sections 1 (1) de nition of ‘REIT’, 25BB, 42, 44 and paragraphs 1, 11 (a) and 13 (1) (a) of the 8th Schedule
205 11 September Meaning of ‘controlled group company’ and ‘equity Sections 1 (1) de nitions of 2015 share’ ‘controlled group company’ and
‘equity share’, 12E (4) (c) and 12J
206 14 September Disposal by a share block company of its sectional title Sections 64FA and paragraph 2015 units to its share block holders 67B of 8th Schedule
Sections 8 (19) and 10 (27) of VAT Act and section 9 (19) of Transfer Duty Act
207 7 October 2015 Merger of two controlled foreign companies Sections 9H (6), 24BA and 44
208 8 October 2015 Repayment of shareholder’s loan from proceeds of a Section 19 and paragraph 12A of new share issue the 8th Schedule
209 21 October Dividends tax: Distribution of dividends to employees Sections 1 (1) de nitions of 2015 through a discretionary trust ‘dividend’, ‘gross income’ and ‘income’, 10 (1) (k) (i) and (ii),
64D, 64F (1) (l) and 64G (2) (a)