NON-RESIDENT SELLERS OF IMMOVABLE PROPERTY

Section 35A of the Income Tax Act[1] came into effect on 1 September 2007 and sets out the capital gains tax consequences of the sale of immovable property situated in South Africa in instances where the seller is not a South African tax resident. In terms of these provisions, the purchaser of the immovable property […]

CLAIMING INPUT TAX FOR VAT PURPOSES ON IMMOVABLE PROPERTY

When a registered VAT vendor sells a property, that transaction is subject to VAT and not to transfer duty.[1] Where the purchaser of the property is itself a VAT vendor, input tax may be claimed against the acquisition price paid for the property, and which will in most instances effectively equate to the VAT charged […]